By Folasade Akpan
The total value of capital importation into Nigeria stood at 1.46 billion dollars in the third quarter of 2020, the National Bureau of Statistics (NBS) says.
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 dollars) of total capital importation.
This was followed by Foreign Direct Investment (FDI), which accounted for 28.38 per cent (414.79 million dollars) of total capital imported and Portfolio Investment which accounted for 27.87 per cent (407.25 million dollars) of total capital imported.
Giving details by sector, the report said that capital importation by production dominated in Q3 2020 reaching 400.09 million dollars of the total capital importation.
“The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with 594.65 million dollars. 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 dollars. This accounted for 82.71 per cent of the total capital inflow.”
By bank, it said that Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria with 438.98 million dollars, adding that this accounted for 30.04 per cent of the total capital inflow.
The News Agency of Nigeria (NAN) reports that data for the report was supplied by the Central Bank of Nigeria, verified and validated by the NBS. (NAN)