Nigeria’s National Bureau of Statistics (NBS) on Monday reported that capital importation into Nigeria has declined by 7.7 per cent.
According to the report, total value of capital importation into Nigeria stood at US$5,367.56 million in third quarter of 2019.
“This represents a decrease of -7.78% compared to 2019 second quarter and 87.99% compared to the third quarter of 2018,’’ the report stated.
The report said the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% (US$2,999.50 million) of total capital importation.
“This is followed by Other Investment, which accounted for 40.39% ($2.167.98million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73% ($200.08m) of total capital imported in Q3 2019.
By sector, Capital importation by banking dominated 2019 third quarter reaching $1,756.83 million of the total capital importation in Q3 2019.
United Kingdom emerged as the top source of capital investment in Nigeria in the period under review with US$2,011.14 million, accounting for 37.47% of the total capital inflow.Lagos, Nigeria’s commercial city, emerged as the top destination of capital investment with US$4,976.40 million, accounting for 92.71% of the total capital inflow.