The National Bureau of Statistics (NBS) has said that the capital inflows into Nigeria fell by $460 million from $5.82 billion in the second quarter of this year to $5.36 billion in the third quarter, representing 7.78 per cent
NBS in its latest Capital Importation Report published Monday noted that the largest amount of capital importation by type was received through Portfolio investment, which accounted for $2.99billion representing 55.88 per cent of total capital importation.
It was followed by Other Investment, which accounted for $2.16billion, representing a 40.39 per cent of total capital, while Foreign Direct Investment accounted for $200.08 million, representing 3.73 per cent of total capital imported in the third quarter period ended September, 2019.
In terms of sectoral performance, banking sector dominated Q3 2019 Capital importation reaching $1,756.83 million of the total capital importation in Q3 2019. It was followed by financing, accounting for $1,476.30 of capital importation and occupying third place is the telecommunications with a total of $884.85 investment inflow within the period in focus.
The report further showed that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million, accounting for 37.47 per cent of the total capital inflow in Q3 2019, followed by the United States of America which accounted for $1,232.72 and then Republic of South Africa, accounting for $708.77 of the total capital inflow into Nigeria in the third quarter period of 2019.
On the basis of investment destination, while Lagos state emerged the top destination of capital investment in Nigeria in Q3 2019 with $4,976.40 million, thus accounting for 92.71 per cent of the total capital inflow, the federal capital territory (FCT) Abuja trailed with $381.19 capital inflow and was followed from the rear is Ogun State with $7.00 of the total capital inflow in Q3, 2019.
Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q3 2019 with $1,630.91 million, representing 30.38 per cent of the total capital inflow in Q3 2019. Ecobank Nigeria Plc, accounted for $754.38 of the total capital inflow, followed by Standard Chartered Bank of Nigeria which contributed $502.42 to the investment inflows, among others.