September 01, (THEWILL) – The total value of capital importation into Nigeria in the second quarter of the year fell to $1.53 billion from $1.57 billion in the preceding quarter, the National Bureau of Statistics said on Wednesday.
The NBS in its report titled ‘Nigerian Capital Importation Q2 2022’ said the figure represents a 2.4 per cent decline.
The statistical office added, however, that the value of capital importation in Q2 2022 rose by 75 per cent from $875.62 million in the corresponding quarter of 2021.
The NBS said the largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33 per cent.
This was followed by Other Investment with 41.09 per cent ($630 million) while Foreign Direct Investment accounted for 9.58 per cent ($147 million) of total capital imported in Q2 2022.
The report noted that, by sector, capital importation into banking had the highest inflow of $646 million amounting to 42.10 per cent of total capital imported in the second quarter of 2022.
This, the bureau said, was followed by capital imported into the production sector, valued at $233 million (15.24 per cent), and the financing sector with $197 million (12.85 per cent).
“Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of $781.05 million, accounting for 50.87 per cent,” the report said.
It said this was followed by Singapore and the Republic of South Africa, valued at $138.58 million (9.03 per cent) and $122.26 million (7.96 per cent) respectively.
It said by destination of investment, Lagos State remained the top destination in Q2 2022 with over $1 billion, accounting for 68.66 per cent of total capital investment into Nigeria.
This, it said, was followed by investment into Abuja (FCT), valued at $453.95 million (29.57 per cent).
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
