THE National Bureau of Statistics (NBS) on Monday disclosed that foreign inflow decreased from $5.82 billion in the second quarter of the year to $5.36 billion in the third quarter, a difference of $460 million.
In its report, Nigerian Capital Importation (Q3 2019), the NBS said the figure represents a decrease of 7.78 per cent compared to the previous quarter.
The NBS said the total value of capital importation in the third quarter stood at $5,367 million. The figure, however, represents 87.99 per cent increase year-on-year.
The United Kingdom emerged as the lead capital investor in Nigeria in Q3 2019 with $2.011 billion. This accounted for 37.47 per cent of the total capital inflow in Q3 2019.
According to the report, Lagos is the most preferred destination for foreign investors, with the largest inflow of foreign capital of $4,976.40 million.
“The total value of capital importation into Nigeria stood at $5,367.56 million in the third quarter of 2019. This represents a decrease of -7.78 per cent compared to Q2 2019 and 87.99 per cent increase compared to the third quarter of 2018,” the report read.
“The largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88 per cent ($2,999.50million) of total capital importation, followed by Other Investment, which accounted for 40.39 per cent ($2.167.98million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73 per cent ($200.08m) of total capital imported in Q3 2019.
“By sector, Capital importation by banking dominated the third quarter reaching $1,756.83 million of the total capital importation in Q3 2019.
“The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million. This accounted for 37.47 per cent of the total capital inflow in Q3 2019.
“By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q3 2019 with $4,976.40 million. This accounted for 92.71 per cent of the total capital inflow in Q3 2019.
“By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q3 2019 with $1,630.91 million. This accounted for 30.38 per cent of the total capital inflow in Q3 2019.”
NAN