The National Bureau of Statistics (NBS) has disclosed that total value of capital importation into Nigeria stood at $8,485.49 million in the first (Q1) quarter of 2019.
The bureau in its “Nigerian Capital Importation” on Tuesday said the reported capital importation increased by 216.03 per cent compared to fourth quarter and 34.61 per cent compared to the Q1 of 2018.
NBS disclosed further that, the largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21 per cent or $7,145.98 million of total capital importation, followed by Other Investment, which accounted for 12.91per cent $1,096.15illlion of total capital, and then Foreign Direct Investment (FDI) which accounted for 2.86per cent or $243.36million of total capital imported in 2019.
“By sector, Capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1 2019,” the report explained.
The NBS report explained that United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22 million.
“This accounted for 53.40per cent of the total capital inflow in Q1 2019.
“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million.
“This accounted for 56.25per cent of the total capital inflow in Q1 2019.
“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606.09 million. This accounted for 42.50per cent of the total capital inflow in Q1 2019.”