By Babajide Komolafe
Foreign Investment into Nigeria (capital importation) rose by 12.86 percent, quarter-on-quarter (q/q) to $1.46 billion in the third quarter of the year (Q3’2020) from $1.29 billion in Q2’2020.
Nigeria Bureau of Statistics (NBS) disclosed this in its Foreign Capital Importation report for Q3’2020.
The Bureau however stated that the $1.46 billion foreign investment inflow recorded in Q3’2020 represents a 74 percent decline when compared with the $5.62 billion recorded in the corresponding period of 2019 (Q3’2019).
The NBS stated: ” The total value of capital importation into Nigeria stood at $1.46 billion in the third quarter of 2020.
This represents an increase of 12.86 percent compared to Q2 2020 and a 74.03 percent decrease compared to the third quarter of 2019.
“By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98 million. This accounted for 30.04 percent of the total capital inflow in Q3 2020.
“By sector, Capital importation by Production dominated in Q3 2020 reaching $400.09 million of the total capital importation in Q3 2020.
“The largest amount of capital importation by type was received through Other investment, which accounted for 43.75 percent ($639.44 million) of total capital importation, followed by Foreign Direct Investment
(FDI), which accounted for 28.38 percent ($414.79 million) of total capital imported and Portfolio Investment which accounted for 27.87 percent ($407.25 million) of total capital imported in Q3 2020.
“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 percent of the total capital inflow in Q3 2020.
“By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1.208 billion. This accounted for 82.71 percent of the total capital inflow in Q3 2020.’