Nigeria’s capital import dips to $875.62m in Q2

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The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021.

This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.

The National Bureau of Statistics (NBS) made this known in its document entitled: “Nigerian Capital Importation – Q1 & Q2 202.”

The data added: “By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06million. This accounted for 89.09 per cent of the total capital inflow in Q2 2021.”

The document noted that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97 per cent ($551.37million) of total capital importation, followed by Other Investment, which accounted for 28.13 per cent ($246.27million) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90 per cent ($77.97million) of total capital imported in Q2 2021.

According to NBS, the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26million.

This accounted for 35.43 per cent of the total capital inflow in Q2 2021, it said.

By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21million. This accounted for 35.43 per cent of the total capital inflow in Q2 2021.

By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51million of the total capital importation in Q2 2021.

On total capital importation, the report said: “The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021. This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.”

SOURCE: THE NATION

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