Going by the latest statistics from the National Bureau of Statistics (NBS), the rate of capital importation in the first quarter of 2020 increased by 53% to the sum of $5.8 billion. While this marked an increase from Q4 2019, there was a -31.19% decrease compared to the same time last year.
The other notable points noted are listed below;
- The largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61% which was $4.3 billion of the total capital imported.
- Other investments accounted for 22.73%($1.3 billion) and the foreign direct investments (FDIs) which accounted for 3.66% ($214.25 million).
- The banking sector dominated by bringing in $2.9 billion of the total capital importation.
- The United Kingdom was the top source of capital investments with $2.9 billion accounting for 49.68% of the total capital.
- Lagos was the top destination of capital investment in the country with $5.1 billion.
- Standard Chartered Bank of Nigeria emerged at the top of capital investments in the country in Q1 2020 with $1.6 billion and this accounted for 28.3% of the total capital inflow.
The full report can be found here: Nigerian_Capital_Importation_Q1_2020
via The Cable