The total value of capital importation into Nigeria stood at $1.46 billion in the third quarter of 2020, the National Bureau of Statistics has said.
The bureau said this in its “Nigerian Capital Importation, Quarter Three (Q3), 2020” report released on its website on Tuesday in Abuja.
The figure represents an increase of 12.86 per cent compared to Quarter Two (Q2) 2020 and -74.03 per cent decrease compared to the third quarter of 2019.
The largest amount of capital importation by type was received through other investment, which accounted for 43.75 per cent ($639.44 million) of total capital importation.
This was followed by Foreign Direct Investment, which accounted for 28.38 per cent ($414.79 million) of total capital imported and Portfolio Investment that accounted for 27.87 per cent ($407.25 million) of total capital imported.
Giving details by sector, the report said capital importation by production dominated in Q3 2020, reaching $400.09 million of the total capital importation.
The report said: “The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65 million. This accounted for 40.69 per cent of the total capital inflow.
“By destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1.208 million. This accounted for 82.71 per cent of the total capital inflow.”
By bank, the NBS said Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria with $438.98 million, adding that this accounted for 30.04 per cent of the total capital inflow.
The News Agency of Nigeria reports that data for the report was supplied by the Central Bank of Nigeria, verified and validated by the NBS.
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