The total value of capital importation in 2019 was $23.990 billion, compared to $16.812 billion in 2018, representing a growth of 42.69 per cent.
The National Bureau of Statistics said this in its “Nigerian Capital Importation, Quarter Four, 2019” report released and obtained from its website on Wednesday in Abuja.
The News Agency of Nigeria reports that capital import is an inflow of foreign capital either in the form of cash (loan or equity) or goods.
Capital imports are mostly in the hands of the public sector, driven by a demand created by immigration and other factors.
It is divided into three main investment types: Foreign Direct Investment, Foreign Portfolio Investment and Other Investments, each comprising various sub-categories.
A breakdown showed that the total value of capital importation into Nigeria in the fourth quarter of 2019 was $3.8 billion, representing a decrease of 32.42 per cent compared to the third quarter which had $2.2 billion.
The bureau, however, said in the same period in 2018, there was an increase of 77. 67 per cent.
The NBS added that the largest amount of capital importation by type investment was received through Foreign Portfolio Investment, followed by Other Investments and Foreign Direct Investment.
The NBS said the UK emerged as the country of origin with the highest amount of capital imported with $1.2 billion, while Singapore emerged second with $610.89 million.
This was followed closely by the US with $584.52 million and South Africa with $564.99 million.
For full year, the UK topped the chart with capital importation of $11 billion, while USA imported $4.7 billion and South Africa $2.4 billion, while Singapore had $1.02 billion capital imported.
The NBS said Lagos with $3.231 billion was the destination with the highest amount of capital importation in the fourth quarter of 2019 and for the full year with $17.7 billion.
This was followed by Abuja with $566.8 million in the fourth quarter and $6.208 billion for full year 2019.
“By Bank, Stanbic IBTC Bank Plc emerged as the bank with the highest amount of capital imported into Nigeria in quarter four with 1.225 billion dollars and 8.625 billion by full year 2019,” it said.
The News Agency of Nigeria reports that data for the report was supplied administratively by the Central Bank of Nigeria, verified and validated by the NBS.
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