Nigeria’s total value of capital importation declined by -54.06 percent to $875.62m in the second quarter of the year (Q2 2021), up from $1.91 billion recorded in the preceding quarter.
The second quarter capital inflows also represented a contraction of 32.38 percent when compared to the value of capital importation in the corresponding quarter of 2020.
The National Bureau of Statistics (NBS) stated these figures in its Nigerian Capital Importation (Q1 & Q2 2021) Report published on Wednesday.
According to the statistics agency, portfolio investment accounted for 62.97 percent or $551.37 million of total capital importation while other investment, which accounted for 28.13 percent or $246.27 million of total capital imported followed. Foreign Direct Investment (FDI) contributed 8.90 percent or $77.97 million to capital inflows in Q2.
A further analysis of the capital importation based on sectors, showed that the banking sector dominated in Q2 reaching $296.51 million of the total capital importation.
The NBS indicated that in the banking sector, Stanbic IBTC Bank Plc emerged at the top of capital investment chart in Q2 with $310.21 million, representing 35.43 percent of the total capital inflow in the quarter under review.
The Bureau further reported that the United Kingdom (UK) emerged as the top source of capital investments in the country with $310.26 million, representing 35.43 percent of the total capital inflow in the review period.
It also reported that capital importation destination by states that Lagos State emerged as the top destination of capital investment in the country with $780.06 million or 89.09 percent of the total capital inflow in Q2.