Total value of investment inflows received into Nigeria slid two straight quarters in 2019, settling at $5.37bn in the third quarter of the year, a capital importation report released by the National Bureau of Statistics on Monday shows.
Settling at $8.48bn at the end of Q1, the inflows dropped 31.41 percent to $5.820bn in Q2 and further dropped 7.78 percent to $5.37bn in Q3, 2019.
According to the NBS report, the largest amount of capital importation was received through Portfolio investment, accounting for 55.88 percent ($2.99bn) of total capital importation, followed by Other Investment, which accounted for 40.39 percent ($2.167bn) of total capital, while Foreign Direct Investment FDI, accounted for just 3.73 percent ($200.08m) of total capital imported in Q3 2019.
A breakdown of the investment by sector shows that banking dominated Q3 2019, reaching $1.75 bn of the total capital importation during the period, as the United Kingdom emerged the top source of capital investment in Nigeria in Q3 2019 with $2.01bn at 37.47 percent of the total capital inflow in Q3 2019.
“Lagos state emerged as the top destination of capital investment for the period with $4.97bn representing 92.71 percent of the total capital inflow in Q3 2019,” the report said.
The report also shows that Stanbic IBTC Bank Plc emerged as the top of capital investment in Nigeria in Q3 2019 with $1.63bn representing 30.38 percent of the total capital inflow for the period.
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