(WorldStage Newsonline) – The total value of capital importation into Nigeria stood at $5.8 billion in the first quarter (Q1) of 2020, a 31.19 decrease compared to the first quarter of 2019 and an increase of 53.97 per cent compared to Q4 2019, according to “Capital Importation” report released on Tuesday by the National Bureau of Statistics (NBS).
The bureau noted that the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61 per cent which was 4.3 billion dollars of total capital importation.
According to the NBS, this is followed by other investments which accounted for 22.73 per cent of 1.3 billion dollars of total capital and the Foreign Direct Investments (FDIs) which accounted for 3.66 per cent of 214.25 million dollars of capital imported in Q1 2020.
It, however, disclosed that by sector, capital importation by banking dominated Q1 2020, reaching 2.9 billion dollars of the total capital Importation in Q1.
“The United Kingdom emerged as the top source of capital investments in Nigeria in Q1, 2020, with 2.9 billion dollars which accounted for 49.68 per cent of the total capital inflow in Q1 2020.
“By destination of investment, Lagos state emerged at the top destination of capital investment in the country in Q1 2019 with 5.1 billion dollars.
“This also accounted for 87.72 per cent of the total capital inflow in Q1 2020.
“By bank, Standard Chartered Bank of Nigeria emerged at the top of capital Investments in the country in Q1 2020 with 1.6 billion dollars and this accounted for 28.3 per cent of the total capital inflow in Q1, 2020” the bureau said.