Capital importation into Nigeria declined by 7.7 per cent, data released by the National Bureau of Statistics (NBS) revealed on Monday.
According to the report, the total value of capital importation into Nigeria stood at $5,367.56 million in 2019 third quarter (July to September).
This represents a decrease of -7.78 per cent compared to the second quarter of 2019 and 87.99 per cent increase compared to the third quarter 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 ($2.167.98million) of total capital, and then Foreign Direct Investment (FDI), which accounted for 3.73 per cent ($200.08million) of total capital imported in Q3 of 2019.
By sector, capital importation by banking dominated the third quarter of 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 $2,011.14million.
“This accounted for 37.47% of the total capital inflow in Q3 2019,” the report noted.
Lagos State emerged as the top destination of capital investment in Nigeria in Q3 of 2019 with $4,976.40 million.
This, according to the report, accounted for 92.71 per cent of the total capital inflow in the period under review.
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