Nigeria recorded a sum of $1.46 billion from capital inflows in the third quarter of 2020 (Q3 2020), as against $1.29 billion received in the previous quarter (Q2 2020).
Techeconomy.ng obtained this from the National Bureau of Statistics (NBS’) latest capital importation report.
The report read in part: “The total value of capital importation into Nigeria stood at $1,461.49m in the third quarter of 2020. This represents an increase of 12.86% compared to Q2 2020 and -74.03% decrease compared to the third quarter of 2019.
“The largest amount of capital importation by type was received through Other investment, which accounted for 43.75% ($639.44m) of total capital importation, followed by Foreign Direct Investment (FDI), which accounted for 28.38% ($414.79m) of total capital imported and Portfolio Investment which accounted for 27.87% ($407.25m) of total capital imported in Q3 2020.”
By sector, the NBS also stated that the capital importation by production dominated in Q3 2020 reaching $400.09m of the total capital importation in Q3 2020.
National Bureau explained further that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. This accounted for 40.69% of the total capital inflow in Q3 2020.
By destination of investment, the NBS disclosed that Lagos state emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1,208.74m. This accounted for 82.71% of the total capital inflow in Q3 2020.
By bank, National Bureau added that Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04% of the total capital inflow in Q3 2020.