Capital importation into Nigeria declined by 7.7% in Q3

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The National Bureau of Statistics (NBS) has said that capital importation into Nigeria declined by 7.7 per cent.

Statistics released by the agency on Monday show that total value of capital importation into the country stood at $5,367.56 million in Q3 of 2019.

The figure represents a decrease of -7.78 per cent compared to Q2 and 87.99 per cent increase compared to Q3 of 2018.

The report added that the largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88 per cent ($2,999.50million) of total capital importation.

This is followed by other investment, which accounted for 40.39 per cent ($2.167.98 million) of total capital, and foreign direct investment, which accounted for 3.73 per cent ($200.08 million) of total capital imported in Q3 2019.

By sector, capital importation by banking dominated Q3 2019 reaching $1,756.83 million of the total capital importation in Q3 2019.

Also, the report shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million.

It accounted for 37.47 per cent of the total capital inflow in Q3 2019.

By destination of investment, Lagos State emerged as top destination of capital investment in Nigeria during the period in review with $4,976.40 million.

The figure, according to NBS, accounted for 92.71 per cent of the total capital inflow.

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