Foreign Investment Flow Into Nigeria Declines 31.4 % To $5.82 Bln In Q2

Nigeria recorded a total of $5.82 billion in capital importation in the second quarter of 2019, 31.41 percent lower than the figure recorded in the first quarter of the year, the National Bureau of Statistics (NBS) has said.

The bureau, however, said that the figure was 5.56 percent higher when compared with the data for the second quarter of last year.
Capital importation through portfolio investment stood at $4.29 billion of total foreign exchange investment flow into the country in the first quarter, accounting for 73.76 percent of the total.
“This was followed by other investment, which accounted for 22.41 percent (1.304 billion dollars) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83 percent (222.89 million dollars) of total capital imported in quarter two, 2019.
“By sector, capital importation by banking dominated in quarter two, 2019 reaching 1.892 billion dollars of the total capital importation in quarter two, 2019.”
The NBS said that the United Kingdom emerged as the top source of capital investment in Nigeria in the second quarter with 3.13 billion dollars, accounting for 53.85 per cent of the total capital inflow.
The second on the list of top 10 was the US, with capital investment of 1.15 billion dollars.
This was followed by United Arab Emirates (UAE), with capital investment of 343.59 million dollars and South Africa with capital investment of 314.16 million dollars in the quarter under review.
It also said that by Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in the period under review with 4.13 billion dollars, accounting for 71.09 percent of the total capital inflow.
The bureau added that by bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter with 1.76 billion dollars, accounting for 30.34 percent of the total capital inflow in that quarter.