NBS: Capital importation grew by 53% to hit $5.8bn in Q1

The National Bureau of Statistics (NBS), says the total value of capital imported into the country in the first quarter of 2020 was $5.8 billion.

In its capital importation report released on Tuesday, the bureau said the amount is an increase of 53.97 percent compared to Q4 2019 and -31.19 percent decrease compared to the first quarter of 2019.

The largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61 percent which was $4.3 billion of the total capital imported.

This, the report said, was followed by other investments which accounted for 22.73 percent ($1.3 billion) and the foreign direct investments (FDIs) which accounted for 3.66 percent ($214.25 million) of capital imported in Q1 2020.

The banking sector was reported to have dominated capital importation reaching $2.9 billion of the total capital importation in Q1.

“The United Kingdom emerged as the top source of capital investments in Nigeria in Q1, 2020, with $2.9 billion which accounted for 49.68 percent of the total capital inflow in Q1 2020,” the report read.

“By destination of investment, Lagos state emerged at the top destination of capital investment in the country in Q1 2019 with $5.1 billion.

“This also accounted for 87.72 per cent of the total capital inflow in Q1 2020.

“By bank, Standard Chartered Bank of Nigeria emerged at the top of capital investments in the country in Q1 2020 with 1.6 billion dollars and this accounted for 28.3 percent of the total capital inflow in Q1 2020.”