The country’s capital importation increased to $1.73 billion in the third quarter of 2021, according to the National Bureau of Statistics (NBS).
This was indicated in NBS’s latest report, which was released over the weekend.
This represents a 97.73 percent increase over the $875.62 million earned in the previous quarter of 2021, and an 18.47 percent increase over the same quarter in 2020.
According to the National Bureau of Statistics, only five states and the federal capital territory (FCT) received capital investments in the third quarter of 2021.
Lagos recorded $1.48 billion, accounting for 85.57 percent of the total capital inflow. Others include FCT ($249.19 million), Anambra ($44 million), Kano ($15 million) and Abia ($0.01 million).
“The largest amount of capital importation by type was received through portfolio investment, which accounted for 70.30 percent ($1,217.21 million) of total capital importation. This was followed by other investments, which accounted for 23.47 percent ($406.35 million), and foreign direct investment (FDI) amounted to 6.23 percent ($107.81 million) of total capital imported in Q3 2021,” the report reads.
By sectors, capital importation into financing had the highest inflow of $469.17 million, amounting to 27.10 percent of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the banking sector valued at $460.39 million (26.59%) and the production sector $323.83 million (18.70%).
By Bank, Stanbic IBTC Bank Plc ranked highest in Q3 2021 with $537.92 million of total capital investment in Nigeria. This was followed by Standard Chartered Bank ($326.01 million), Citibank Nigeria Limited ($248.30 million), and the United Bank of Africa ($200 million).
Meanwhile, Providus Bank Plc ($0.03 million), Coronation Merchant Bank ($0.12 million), and Sterling Bank plc ($0.18 million) were the least banks with capital inflows.
The report also added that the highest capital importation by country came from the United Kingdom, valued at $709.8 million, representing 40.99 percent. This was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.50 percent), and $257.12 million (14.85 percent), respectively.
Nigeria imported capital cumulatively worth $4.51 billion between January and September 2021, representing a 47.6 percent decline compared to $8.6 billion recorded in the same period of 2020.
Source: Read more at thisdaylive.com
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
