Capital importation drops by -31.41% in Q2, 2019 – NBS

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The National Bureau of Statistics (NBS) says the total value of capital importation into Nigeria in the second quarter of 2019 is 5.820 billion dollars, representing a decrease of -31.41 percent compared to the first quarter.

The NBS said this in its “Nigerian Capital Importation, Quarter Two, 2019” report released and obtained from its website.

The bureau, however, said that the figure showed a +5.56 percent increase compared to the second quarter of 2018.

It said that the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76 percent which was 4.292 billion dollars of total capital importation.

“This was followed by other investment, which accounted for 22.41 percent (1.304 billion dollars) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83 percent (222.89 million dollars) of total capital imported in quarter two, 2019.

“By sector, capital importation by banking dominated in quarter two, 2019 reaching 1.892 billion dollars of the total capital importation in quarter two, 2019.”

The NBS said that the United Kingdom emerged as the top source of capital investment in Nigeria in the second quarter with 3.13 billion dollars, accounting for 53.85 percent of the total capital inflow.

The second on the list of top 10 was the US, with capital investment of 1.15 billion dollars.

This was followed by United Arab Emirates (UAE), with capital investment of 343.59 million dollars and South Africa with capital investment of 314.16 million dollars in the quarter under review.

It also said that by Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in the period under review with 4.13 billion dollars, accounting for 71.09 percent of the total capital inflow.

The bureau added that by bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter with 1.76 billion dollars, accounting for 30.34 percent of the total capital inflow in that quarter.

The data for the report was supplied administratively by the Central Bank of Nigeria (CBN), verified and validated by the NBS.

Amaka E. Nliam