The National Bureau of Statistics (NBS) on Monday reported that the total value of capital importation into Nigeria in the third quarter of this year (July-Sept 2019) stood at $5,367.56 million, representing a – 7.78% drop from the value of capital imported in the preceding quarter.
However, when compared with the value of capital imported in the corresponding quarter of 2018, the latest value represented an increase of 87.99%.
The official statistics reporting agency, in its latest report titled ‘Nigerian Capital Importation (Q3,2019) stated that the largest capital importation by type was received through Portfolio investment, which accounted for 55.88% (or $2,999.50 million) of total capital importation.
In addition, the Bureau indicated that the imported capital by type showed that Other Investment accounted for 40.39% ($2.167.98 million) compared to Foreign Direct Investment FDI, which accounted for 3.73% ($200.08 million) of total capital imported in Q3 2019.
On sector by sector basis, the report indicated that capital importation by banking ranked highest in the quarter under review, peaking at $1,756.83 million.
The report reflected that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million, accounting for 37.47% of the total capital inflow by destination during the quarter
The NBS stated further that Lagos State emerged as the top destination of capital investment in the country during the quarter with $4,976.40 million or 92.71% of the total capital inflow.