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Foreign investments in Nigeria rises to $1.5bn in Q2

Foreign investments into Nigeria dipped by 33% to $1bn in Q2

Foreign funds invested into the Nigerian economy in the second quarter (Q2) of 2022 amounted to $1.535 billion, a 75.34 percent increase from $875 million in the second quarter of 2021, a report by the National Bureau of Statistics (NBS) has revealed.

However, on a quarterly basis, foreign investments in the country were down by 2.40 percent from $1.573 billion in the first quarter of 2022.

The National Bureau of Statistics in the report, states that the largest amount of capital received was through portfolio investment, which accounted for 49.33 percent ($757.32 million).

This was followed by other investments with 41.09 percent ($630.87 million) and foreign direct investment (FDI) accounting for 9.58 percent ($147.16 million) of total capital imported in Q2 2022.

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Disaggregated by sectors, capital importation into banking had the highest inflow of $646.36 million, accounting for 42.10 percent of the total capital import.

Capital imported into the production sector was next at $233.99 million (15.24 percent), and the financing sector followed with $197.31 million (12.85 percent).

By destination of investment, Lagos state remained the top destination in Q2 2022 with US$1,054.18 million, accounting for 68.66 percent of total capital investment into Nigeria.

This was followed by investment into Abuja (FCT), valued at $453.95 million (29.57 percent).