Home Business Nigeria’s Capital Importation drops -26.81% Q-on-Q to $1.06 billion in Q4 2020,...

Nigeria’s Capital Importation drops -26.81% Q-on-Q to $1.06 billion in Q4 2020, Lagos state emerges top destination of capital investment

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Photo Credit: Photo of Lagos by ©Dayo Adedayo, photo documentarian.

By Audrey Lotechukwu

FRI 05 FEB, 2021-theGBJournal- The total value of capital importation into Nigeria stood at $1,069.68m in the fourth quarter of 2020, according to latest data published Friday by the National Bureau of Statistics (NBS).

The figure represents a decrease of -26.81% (Q 0NQ) compared to Q3 2020 and -71.87% (year-on-year) decrease compared to the fourth quarter of 2019. Similarly, the total value of capital importation in 2020 stood at $9,680.49m, compared to $23,990.05m in 2019, representing a decline of -59.65% between the two periods.

According to the NBS, the largest amount of capital importation by type was received through Other investment, which accounted for 73.22% ($783.26m) of total capital importation, followed by Foreign Direct Investment (FDI), which accounted for 23.49% ($251.27m) of total capital imported and Portfolio Investment which accounted for 3.29% ($35.15m) of total capital imported in Q4 2020.

By sector, Capital importation by Shares dominated in Q4 2020 reaching $287.04m of the total capital importation in Q4 2020.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q4 2020 with $236.88m. This accounted for 22.14% of the total capital inflow in Q4 2020.

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% of the total capital inflow in Q4 2020.

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