By Modupe Gbadeyanka
Out of the about $1.8 billion Nigeria realised from capital importation in the second quarter of 2017, Lagos contributed $1.74 billion to it, representing 97.07 percent.
According to data released this week by the National Bureau of Statistics (NBS), the above figure represents a slight increase in Lagos’ share relative to the previous quarter, which stood at 95.32 percent.
Lagos is the commercial and financial capital of Nigeria, and home to Nigeria’s Stock Exchange where shares are traded.
Also, the NBS said Akwa lbom, as in the previous quarter, recorded the second highest level of capital importation, accounting for 1.92 percent ($34.08 million) of the total share and an increase of 85.6 percent over the amount it recorded in the previous quarter.
Abuja recorded the third highest amount, with a share of 0.93 percent ($16.64 million) of the total, followed by Oyo state with a share of 0.1 percent ($1.83 million).
According to the stats office, a look at the capital importation in Nigeria by country of origin in the period under review showed the United Kingdom accounting for $696.7 million, or 38.87 percent of the total.
This value represents a 130.3 percent increase relative to the previous quarter, and 107.9 percent increase over the same period of last year.
As well as the existence of an historical relationship between the UK and Nigeria, London (the capital of the UK) is also a key financial centre, which explains the high value of capital importation accounted for by the UK.
Since 2010, the UK has accounted for the highest value of capital importation in all but two quarters (both in the second half of 2015).
The country to account for the second largest value of capital importation was the United States.
The US accounted for $287.82 million in the second quarter of 2017, or 16.06 percent. The US has also been one of the most important investors in Nigeria, usually either the largest or second largest investor country.
It also shares a language with Nigeria, it has also been historically the largest economy in the world, and is active in foreign investment globally.
The next two largest investors in the second quarter of 2017 were Belgium (accounting for 15.7 percent) and Singapore (8.67 percent).
