Home Business Nigeria’s foreign capital inflow down to $9.68bn, lowest recorded in four years

Nigeria’s foreign capital inflow down to $9.68bn, lowest recorded in four years

The National Bureau of Statics has revealed that Nigeria’s Foreign capital flow has plunged by more than half in 2020 to $9.68 billion, the lowest it has come in four years.

The NBS revealed this in its capital importation report for the fourth quarter and full-year 2020, saying the value of capital importation in the country has grown downward by 59.65 percent or $14.3bn in 2020 from $23.99bn in 2019.

The NBS data showed that the Foreign capital flow into the country stood at $16.81bn in 2018, $12.23bn in 2017, and $5.12bn in 2016.

Office of the statistics of Bureau revealed that the value of total capital importation in Q4 was at $1.07bn, gone down by 26.81 percent compared to Q3, and by 71.87 percent against the same period of 2019.

“The largest amount of capital importation by type was received through other investment, which accounted for 73.22 percent ($783.26m) of total capital importation, followed by Foreign Direct Investment, which accounted for 23.49 percent ($251.27m) of total capital imported and portfolio investment which accounted for 3.29 percent ($35.15m) of total capital imported in Q4 2020,” it said.

The NBS revealed that the United Kingdom is the highest source of capital investment in Nigeria in Q4, with $236.88m accounting for 22.14 percent of the total capital inflow.

“By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.

“By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 percent of the total capital inflow in Q4 2020.”

Source: kemifilani.ng

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