By Modupe Gbadeyanka The total value of capital imported into the country in 2017 increased significantly when compared with two years ago. According to figures released by the National Bureau of Statistics (NBS) few days ago, a total of $12.2 billion was attracted into Nigeria in 2017, an increase of $7.1 billion or 138.7 percent from the figure recorded in 2016. The stats office said in its report that the growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.5 billion from the previous year to reach $7.3 billion in 2017, and accounting for 60 percent of capital imported. During the reference quarter total capital imported when compared with the previous quarter increased by $1.2 billion, the NBS said. In the fourth quarter alone, the capital inflow was $5.4 billion, representing an annual growth of 247.5 percent, and quarterly growth of 29.9 percent. During the quarter, portfolio investment, which recorded $3.5 billion, remained the largest component of capital imported and contributed 64.6 percent of the total amount, $5.4 billion. It increased significantly year on year, recording a rise of 1,123.5 percent or $3.2 billion from $284.2 million to $3.5 billion, expanding faster than the two other components of capital importation; Foreign Direct Investment (FDI) and other investments. In the fourth quarter of last year, Foreign Direct Investment recorded $378.4 million, which is a year on year increase of 9.8 percent, while Other Investment recorded $1.5 billion, growing by 66 percent when compared with the fourth quarter of 2016. According to the NBS, in Q4 2017, Foreign Direct Investment hit $378.4 million for the first time since Q4 2015 when it reported $123.2 million. This figure in Q4 2017 was a substantial increase of 221.8 percent when compared to the 3rd quarter, and a 9.8 percent increase compared to Q4 2017. The growth in FDI was mainly driven by Equity Investments, which contributed 99.8 percent, while Other Capital Investment contributed 0.2 percent. Furthermore, the stats office said Portfolio Investment was the main driver of Capital Importation in the fourth quarter of 2017, with an amount of $3.5 billion, representing a quarter on quarter growth of 25.7 percent. Year on year, it increased by 1,123.5 percent, which is over 12 times the figure recorded in Q4 2016, $284.2 million. The increase in Portfolio Investment was driven by a strong growth in Money Market Instruments, which recorded $2.2 billion, the first time since Q3 2013. Money Market Instruments contributed 63 percent to Portfolio investments. Equity, which had been the main driver of Portfolio investments in previous quarters, dropped by $942.9 million from $1.9 billion in Q3 to $989.2 million in Q4 2017. On the other hand, Bonds recorded an increase of $194.1 million, from $115.4 million in Q3 to $309.5 million in Q4 of the same year. Also, Other Investment accounted for 28.4 percent of total capital importation in the fourth quarter of 2017. This category of capital importation grew 65.96 percent year on year, and by 21.2 percent when compared to the previous quarter. The $1.5 billion recorded by Other Investment was mainly in the form of Loans, which was $1.1 billion in the fourth quarter, followed by Other Claims which recorded $425.7 million, and then Trade credits which reported $10 million, having posted no inflows since Q4 2016.