Nigeria Records 54 Percent Increase In Capital Importation


Nigeria is the largest economy in Africa.
Nigeria is the largest economy in Africa.

 

The value of capital importation into the country grew by 54 percent to $5.85 billion in the first quarter of the year 2020 from $3.8 billion recorded in the fourth quarter of 2019.

The National Bureau of Statistics (NBS) disclosed this on Monday in its Q1 2020 Capital Importation Report.

The data from the NBS shows the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61 percent of total capital.

This is followed by other investments, accounting for 22.73 percent, and foreign direct investment, which accounted for 3.66 percent of total capital imported in Q1 2020.

By sector, banks dominated capital importation in the period under review by $2.99 billion while the United Kingdom emerged as the top source of capital investment in Nigeria with $2.90 billion.

By destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5.13 billion accounting for 87.72 percent of the total capital inflow in Q1 2020.

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