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NigeriaDecides2023

Foreign investment in Nigeria slumps 74% in Q3 2020

The total value of capital importation into Nigeria declined by 74 percent to $1.46 billion in the third quarter of 2020, the National Bureau of Statistics (NBS) said Monday.

This however represents an increase of 12.86% compared to Q2 2020.

The largest amount of capital importation by type was received through Other investment, which accounted for 43.75% ($639.44m) of total capital importation, followed by Foreign Direct Investment (FDI), which accounted for 28.38% ($414.79m) of total capital imported and Portfolio Investment which accounted for 27.87% ($407.25m) of total capital imported in Q3 2020.

Read also: Removing landmines and pitfalls blocking foreign investments in Nigeria

By sector, Capital importation by Production dominated in Q3 2020 reaching $400.09m of the total capital importation in Q3 2020.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. This accounted for 40.69% of the total capital inflow in Q3 2020.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1,208.74m. This accounted for 82.71% of the total capital inflow in Q3 2020.

By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04% of the total capital inflow in Q3 2020.

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