The National Bureau of Statistic (NBS) disclosed on Tuesday that the country’s capital importation drops by 31.19 per cent to $5.85billion in first quarter (Q1) of 2020 as against $8.51 billion reported in Q1 2019.
The Bureau in its “Nigerian Capital Importation Q1 2020” report stated that, “The total value of capital importation into Nigeria stood at $5,854.38million in the Q1 of 2020.
“This represents an increase of 53.97 per cent compared to Q4 2019 and -31.19 per cent decrease compared to the Q1 2019.
“The largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.61 per cent ($4,309.47million) of total capital importation, followed by Other Investment, which accounted for 22.73 per cent ($1,330.65million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.66 per cent ($214.25million) of total capital imported in Q1 2020.
“By sector, Capital importation by banking dominated Q1 2020 reaching $2,990.21million of the total capital importation in Q1 2020.
“The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2020 with $2,908.62m. This accounted for 49.68 per cent of the total capital inflow in Q1 2020.
“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5,135.49million. This accounted for 87.72 per cent of the total capital inflow in Q1 2020.
“By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1,656.60million. This accounted for 28.30 per cent of the total capital inflow in Q1 2020.”