A report released by the National Bureau of Statistics shows that foreign direct investment into Nigeria fell by $331.2 million to $698.78 million in 2021, from the total of $1.03 billion recorded in 2020.
The report entitled ‘Nigerian capital importation Q4’ showed that equities investment of the FDI totaled $692.58 million, while other capital was put at $6.2 million.
Nigeria recorded $154.6 million, $77.97 million, $107.81 million and $ $358.23 million FDIs during the first, second, third and fourth quarters of 2021, respectively.
The report revealed that portfolio investment in the country also fell by $1.75 million to $3.39 billion in 2021 from $5.14 billion recorded in 2020.
It added that other investments fell by $890 million from $3.51 trillion in 2020 to $2.62 trillion in 2021.
Furthermore, the report stated that the total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19 billion from $1.73 billion in the preceding quarter, indicating an increase of 26.35 per cent.
When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05 billion.
The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19 billion).
This was followed by portfolio investment with 29.39 per cent ($642.87 million) and the FDI amounted to 16.38 per cent ($358.23 million) of the total capital imported in Q4 2021.
Disaggregated by sectors, capital importation into tanning had the highest inflow of $645.59 million amounting to 29.51 per cent of the total capital imported in the fourth quarter of 2021.
This was followed by capital imported into the production sector, valued at $360.06 million (16.46 per cent) and the electrical sector with $325.55 million (14.88 per cent).
Capital importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45 million, accounting for 27.95 per cent.
This was followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.67 per cent) and $285.83 million (13.07 per cent), respectively.
By destination of investment, Lagos State remained the top destination in Q4 2021 with $1.98 billion, accounting for 90.66 per cent of the total capital investment in Nigeria.
This was followed by investment into Abuja valued at $170.55 million (7.80 per cent).
Categorisation of total capital investment by bank showed that Eco Bank Plc ranked highest in Q4 2021 with $708.58 million (32.39 per cent).
This was followed by Stanbic IBTC Bank with $453.82 million (20.74 per cent) and Union Bank of Nigeria Plc with $284.60 million (13.01 per cent).
