The National Bureau of Statistics on Wednesday put the value of share capital imported by different sectors of the economy at $202.70 million in the second quarter of 2016.
According to a statement signed by the Statistician-General of the Federation, Dr. Yemi Kale, the figure represents a 16.77 per cent decline against 84.17 per cent recorded in 2015.
Kale said: “Capital is either imported in the form of shares, or directly imported by different sectors of the economy.
“In the second quarter of 2016 the value of share capital imported was estimated to be $202.70 million, which as for capital importation as a whole sets the record for the lowest value for the second consecutive quarter.
“The figure represents a decline of 16.77 per cent relative to the previous quarter, and a decline of 84.17 per cent relative to the same quarter of 2015.”
The bureau’s chief noted that this was a smaller year-on-year decline than in the previous quarter, in which it was 87.41 per cent.
Kale said the share capital accounted for 31.32 per cent of total capital imported, less than half its share in the second quarter of 2015 of 70.41 per cent and the lowest level in seven years.
He added: “Nevertheless, share capital still accounts for a larger proportion of total imported capital than any individual sector.
“For the first time on record, the sector to import the largest amount of capital was servicing, which accounted for $130.98 million, or 20.24 per cent of the total.
“This follows a large increase when the Direct – Equity Portfolio – Equity Portfolio – Money Market Instruments Other – Loans value was $12.83 million in the second quarter of 2015.”
The bureau said the increase also recorded when the value was $55.05 million in the previous quarter.
Kale said: “In all previous quarters, the sector to import the most capital had been either Banking, Financing, Production or Telecommunications.
“For the second consecutive quarter, production was the sector to import the second largest amount of capital.”
This sector, Kale said, imported $92.62 million, equivalent to 14.31 per cent of the total, following a quarterly increase of $14.86 million, or 19.10 per cent.
The bureau’s chief also said capital imported by the production sector increased by 80.92 per cent year-on-year.
Kale said there were six sectors that recorded no capital importation in the second quarter of 2016.
“These sectors are fishing, marketing, hotels, tanning, transport and weaving,” he said.
The bureau’s chief said half of the 20 sectors recorded a decline in the amount of capital imported relative to the previous quarter.
He added: “The largest fall was in the electrical sector, which recorded $61.32 million less.
“By contrast, telecommunications recorded the largest increase, and imported $64.10 million more than in the previous quarter.”