By Adedapo Adesanya
The total value of capital importation (foreign investment inflows) into Nigeria rose by 53.97 percent to $5.9 billion in the first quarter of 2020, the latest figures released by the National Bureau of Statistics (NBS) said on Tuesday.
Despite an increase to the capital importation figures in the first three months of this year over the same period of 2019, there was a 31.2 percent decrease in the amount of capital brought into the country from overseas.
According to the statistics bureau in the report titled Q1 2020 Capital Importation Report, the largest amount of capital importation by type was received through Portfolio Investment, which accounted for 73.6 percent, amounting to $4.3 billion of total capital importation.
This was followed by Other Investment, which accounted for 22.7 percent amounting to $1.3 billion of total capital, while Foreign Direct Investment (FDI), which accounted for 3.7 percent, raked in $214.3 million of total capital imported in Q1 2020.
In a breakdown by sector, capital importation by banking dominated Q1 2020, reaching $2.99 billion of the total capital importation in Q1 2020.
The United Kingdom (UK) emerged as the top source of capital investment in Nigeria in Q1 2020 with $2.9 billion. This accounted for 49.7 percent of the total capital inflow in Q1 2020.
By Destination of Investment, Lagos State continued to dominate as it emerged as the top destination of capital investment in Nigeria in Q1 2020 with $5.1 billion. This accounted for 87.72 percent of the total capital inflow in Q1 2020.
By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1.7 million. This accounted for 28.3 percent of the total capital inflow in Q1 2020 into Nigeria.
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