The National Bureau of Statistics said the total value of capital importation into the country stood at $5.8 billion in the first quarter of 2020.
NBS,
United Kingdom,
It explained that the amount represented an increase of 53.97 per cent compared to Q4 2019 and -31.19 decrease compared to the first quarter of 2019.
The bureau noted that the largest amount of capital importation by type was received through portfolio investment that accounted for 73.61 per cent, which was $4.3 billion of total capital importation.
According to the NBS, this was followed by other investments which accounted for 22.73 per cent of $1.3 billion of total capital and Foreign Direct Investments that accounted for 3.66 per cent of $214.25 million of capital imported in Q1 2020.
It, however, disclosed that by sector, capital importation by banking dominated Q1 2020, reaching $2.9 billion of the total capital Importation in Q1.
The report said: “The United Kingdom emerged as the top source of capital investments in Nigeria in Q1, 2020, with $2.9 billion which accounted for 49.68 per cent of the total capital inflow in Q1 2020.
“By destination of investment, Lagos State emerged at the top destination of capital investment in the country in Q1 2019 with $5.1 billion.
“This also accounted for 87.72 per cent of the total capital inflow in Q1 2020.
“By bank, Standard Chartered Bank of Nigeria emerged at the top of capital Investments in the country in Q1 2020 with $1.6 billion and this accounted for 28.3 per cent of the total capital inflow in Q1, 2020.”