Lagos Tops as Foreign Capital Importation Increases to $1.73bn in Q3

0

James Emejo in Abuja

The total value of capital imported into the country in the third quarter of last year (Q3, 2021) stood at $1.73 billion, representing 97.73 per cent increase compared to the $875.62 million recorded in the preceding quarter.

According to the Nigerian Capital Importation Q3 2021 report, which was released by the National Bureau of Statistics (NBS), capital importation further increased by 18.47 per cent when compared to the $1.46 billion posted in Q3 2020.

Portfolio investment accounted for the largest capital importation type with $1.21 billion or 70.30 per cent of total capital inflow, followed by other investment, which accounted for $406.35 million or 23.47 per cent.

Foreign Direct Investment (FDI) amounted to $107.81 million or 6.23 per cent of total capital imported in Q3.
According to the NBS, by sectors, capital importation into financing had the highest inflow of $469.17 million amounting to 27.10 per cent of total capital imported in Q3, closely followed by the banking sector with $460.39 million or 26.59 per cent and production sector $323.83 million or 18.70 per cent.

The United Kingdom ranked as top source of capital imported into the country in the period under review with $709.8 million accounting or 40.99 per cent of total inflows.
This was followed by South Africa and United States of America with $389.54 million 22.50 per cent and $257.12 million or 14.85 per cent respectively.

This is as Lagos State topped the destination of capital investment with $1.48 billion or 85.57 per cent of capital inflows in the period under review.

This was followed by investment into the Federal Capital Territory (FCT) valued at $249.19 million or 14.39 per cent.
By bank, Stanbic IBTC Bank Plc ranked highest with $537.92 million or 31.07 per cent of total capital investment in Nigeria, followed by Standard Chartered Bank 18.83 per cent and Citibank Nigeria Limited with 14.34 per cent.