TUE, MAY 26 2020-theG&BJournal- Capital importation by the banking sector dominated Q1 2020 reaching $2,990.21m of the total capital importation in Q1 2020, according to latest data published by the National Bureau of Statistics (NBS).
The total value of capital importation into Nigeria stood at $5,854.38m in the first quarter of 2020, representing an increase of 53.97% compared to Q4 2019 but -31.19% decrease compared to the first quarter of 2019.
Portfolio investment contributed the largest amount of capital importation by type, accounting for 73.61% ($4,309.47m) of total capital importation, followed by Other Investment, which accounted for 22.73% ($1,330.65m) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.66% ($214.25m) of total capital imported in Q1 2020.
The data shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2020 with $2,908.62m. This accounted for 49.68% of the total capital inflow in Q1 2020.
By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5,135.49million. This accounted for 87.72% of the total capital inflow in Q1 2020. Only Eight States of the Federation attracted capital investment. They include the FCT-$706.81 million, Sokoto State- $2.50 million, Niger State-$4.96 million, Ogun State- $1.70 million, Kaduna State- $1.98 million, Kano State- $0.70 million and Akwa Ibom State- $0.24 million.
By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1,656.60 million. This accounted for 28.30% of the total capital inflow in Q1 2020. The bank is closely followed by Citi Bank- $688.47 million and First Bank Plc- $677.61 million.