July 28, (THEWILL) – The total value of capital importation into Nigeria dropped by 54.06 percent to $875.62 million in the second quarter of the year (Q2 2021) from $1.91 billion in the preceding quarter.
This also represented a contraction of 32.38 percent when compared to Q2, 2020.
In its reports of the Nigerian Capital Importation for Q1 & Q2 2021, published on Wednesday, the National Bureau of Statistics (NBS), said, portfolio investment accounted for 62.97 percent or $551.37 million of total capital importation. This was followed by other investment, which accounted for 28.13 percent or $246.27 million of total capital imported
According to the NBS, Foreign Direct Investment (FDI) contributed 8.90 percent or $77.97 million to capital inflows in Q2.
Also, the banking sector dominated in Q2 reaching $296.51 million of the total capital importation.
The United Kingdom (UK) emerged as the top source of capital investments in the country with $310.26 million, representing 35.43 percent of the total capital inflow in the review period.
The report further said that Lagos State emerged as the top destination of capital investment in the country with $780.06 million or 89.09 percent of the total capital inflow in Q2.
The NBS stated that Stanbic IBTC Bank Plc emerged at the top of capital investments in Q2 with $310.21 million, representing 35.43 percent of the total capital inflow in Q2.
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