By Dipo Olowookere
The National Bureau of Statistics (NBS) on Tuesday said Nigeria recorded a total of $8.486 billion in capital importation in the first quarter of 2019.
The stats office said this represents 34.61 percent increase when compared with the figures in the first quarter of 2018 and 216.03 percent growth when compared with the amount brought into the country in the fourth quarter of 2018.
According to the NBS, the largest amount of capital importation by type was received through portfolio investment, which accounted for 84.21 percent or $7.146 billion of total capital importation, followed by other investment, which accounted for 12.91 percent or $1.096 billion of total capital, and then foreign direct investment (FDI), which accounted for 2.86 percent $243.36 million of total capital imported in 2019.
A further analysis of the report by the stats office showed that by sector, capital importation by the banking sector dominated Q1 2019, reaching $2,851 billion of the total capital importation.
In addition, the United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531 billion, accounting for 53.40 percent of the total capital inflow in the period under review.
When viewed by destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773 billion, accounting for 56.25 percent of the total capital inflow in Q1 2019.
By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606 billion, accounting for 42.50 percent of the total capital inflow in Q1 2019.
