Foreign investment into Nigeria rises by 34% to $8.5 billion in first quarter
The National Bureau of Statistics (NBS) has revealed that the total Foreign Investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of the year (Q1’19).
It disclosed this in its Capital Importation report for first quarter of 2019 released on Tuesday.
“The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019. This represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018.
“The largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21% ($7,145.98 ) of total capital importation.
READ ALSO: Nigeria attracts $48.4 billion out of Africa’s $194 billion oil and gas investments
“This was followed by other Investment, which accounted for 12.91% ($1,096.15m) of total capital, and then Foreign Direct Investment, FDI, which accounted for 2.86% ($243.36m) of total capital imported in 2019.
“By sector, Capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1 2019.
“The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22 million. This accounted for 53.40% of the total capital inflow in Q1 2019.
“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million. This accounted for 56.25% of the total capital inflow in Q1 2019.
“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606.09 million. This accounted for 42.50% of the total capital inflow in Q1 2019.”
Samson Oyedeyi
