Investment: Lagos leads as inflow to Nigeria nosedives to $1.29bn – NBS

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THE National Bureau of Statistics has said that investment inflow to Nigeria dropped by $4.53bn or 78.6 per cent to $1.29bn in the second quarter of this year.

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The Bureau stated this in its capital importation report, which was released on Friday.

The country had, during the same period in 2019, recorded a total of $5.82bn in capital inflow.

The bureau in the report, obtained by The Point, noted that Lagos State was the top destination of capital investment in the country.

A breakdown of the data showed that the largest amount of capital importation by type was received through other investment, which accounted for $761.03m.

This is about 58.77 per cent of total capital imported into the country.

Money Market Instruments also dropped by 90 per cent to $332.07m.

NBS said Portfolio Investment followed as it accounted for 29.76 per cent, representing $385.32m.

During the period, Foreign Direct Investment accounted for 11.47 per cent of the total capital inflow, at $148.59m.

By country’s contribution, the United Kingdom was Nigeria’s highest contributor to capital investment with $428.83m.

The UK contribution accounted for 33.12 per cent of the total capital inflow in the quarter under review, NBS said.

The report reads in part, “The total value of capital importation into Nigeria stood at $1,294.94m in the second quarter of 2020.

“This represents a decrease of 77.88 per cent compared to Q1 2020 and 78.60 per cent in Q2 2019.

“The United Kingdom emerged as the top source of capital investment to Nigeria in Q2 2020 with $428.83m. This accounted for 33.12 per cent of the total capital inflow in Q2 2020.”

By bank, the NBS report stated that Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in
Q2 2020 with $425.21m.

This accounted for 32.84 per cent of the total capital inflow in the second quarter of this year.