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Nigeria Reports N14.31Bn Drop In Capital Importation In 2020

The total value of capital importation into Nigeria in 2020 significantly dropped to $9.68 billion compared to $23.99 billion imported in the preceding year, representing $14.31 billion or -59.65 percent decline year-on-year.

The National Bureau of Statistics (NBS) reported these figures in its “Nigerian Capital Importation, Quarter Four (Q4), 2020” published on its website at the weekend.

The Bureau also reported that in the 4th quarter, total value of capital importation dropped to $1.06 billion from the $1,46 billion recorded in the preceding quarter, representing a decrease of -26.81 per cent. However, when compared to the capital importation value of $3.802 billion in the corresponding period of 2019, the Q4, 2020 importation value shrank by -71.87 percent.

The agency further clarified in the report that the largest amount of capital importation by type in the quarter under review was received through other investment, which accounted for $783.26 million and represented 73.22 percent of total capital importation.

The other investment’s value was closely followed by Foreign Direct Investment (FDI), which accounted for $251.27 million, or 23.49 percent of the imported capital. Also, portfolio investment which accounted for $35.15 million, represented 3.29 percent.

By sector, the NBS reported that shares accrued $287.04 million.

According to the agency, capital importation by country of origin showed that the United Kingdom topped the chart with $4.16 billion capital inflow to Nigeria, while capital importation from UAE stood at $899.44 million compared to Netherlands’ $890 million, while South Africa had $871 million capital investments in Nigeria during the year under review.

On capital import destinations, the Bureau reported that Lagos State emerged as the top destination of capital investment with S8.304 billion.

By Bank classification, the report showed that Citibank Nigeria Limited emerged at the top of capital
investment in the year under review, with $1.507 billion imported in 2020.

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