The National Bureau of Statistics (NBS) says Nigeria’s capital importation declined by 59.65 per cent at $9.68 billion in 2020 to hit the lowest level in four years.
NBS, in its latest “Nigerian Capital Importation Q4 and Full Year 2020” said total capital importation in the fourth quarter (Q4 2020) stood at $1.06 billion, down by 26.81 per cent compared to third quarter (Q3 2020) and by 71.87 per cent when compared to the same period in 2019.
The report noted that the largest amount of capital importation by type was received through other investment, which accounted for 73.22 per cent at $783.26m of total capital importation.
Also Foreign Direct Investment(FDI), which accounted for 23.49 per cent at $251.27m of total capital imported and Portfolio Investment which accounted for a meagre 3.29 per cent at $35.15m of total capital imported in Q4 2020.
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Further analysis of the report shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q4 2020 with $236.88m. This accounted for 22.14 per cent of the total capital inflow in Q4 2020.
By destination of investment, Lagos state, Nigeria’s commercial hub, emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56 per cent 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 per cent of the total capital inflow in Q4 2020.
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