National Bureau of Statistics (NBS) said that total foreign investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of the year (Q1’19).
The bureau disclosed this in it’s capital importation report for first quarter of 2019 releasedon Tuesday.
The report said: “The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019. This represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018.
“The largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21% ($7,145.98 ) of total capital importation, followed by Other Investment, which accounted for 12.91% ($1,096.15m) of total capital, and then Foreign Direct Investment FDI, which accounted for 2.86% ($243.36m) of total capital imported in 2019.
“By sector, Capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1 2019. The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22 million. This accounted for 53.40% of the total capital inflow in Q1 2019.
“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million. This accounted for 56.25% of the total capital inflow in Q1 2019.
“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606.09 million. This accounted for 42.50% of the total capital inflow in Q1 2019.” Related
- AfDB issues climate finance guidelines for Nigeria,others
- IMF urge Nigeria,others to harness tax potential for development goals
- How cyber insurance can protect Nigeria’s digital ecosystem
- UBA sets new benchmark to emerge Nigeria’s most profitable bank in HI’23
- Nigeria losing N10bn annually over mismanagement in plastic industry