The value of capital importation into Nigeria increased by 26.35 per cent to hit $2.19 billion in the fourth quarter of 2021 according to new data from the National Bureau of Statistics.
In its ‘Nigerian Capital Importation’ report, the NBS disclosed that capital importation increased from $1.73 billion in the third quarter of 2021 to $2.19 billion in Q4, 2021.
It said, “The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19 billion from $1.73 billion in the preceding quarter showing an increase of 26.35 per cent.
“When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05 billion. The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19 billion).
“This was followed by Portfolio Investment with 29.39 per cent ($642.87 million) and Foreign Direct Investment amounted to 16.38 per cent ($358.23 million) of total capital imported in Q4 2021.”
The NBS added that the tanning sector attracted the highest inflow with $645.59 million, 29.51 per cent of total inflow. Lagos attracted the most investment, with 90.66 per cent ($1.98 billion) of total investment flowing to the state.
It said, “Disaggregated by Sectors, capital importation into tanning had the highest inflow of $645.59 million amounting to 29.51 per cent of total capital imported in the fourth quarter of 2021.
“This was followed by capital imported into the production sector, valued at $360.06 million (16.46 per cent) and the electrical sector with $325.55 million (14.88 per cent). Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in Q4 of 2021 with a value of $611.45 million, accounting for 27.95 per cent.
“This was followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.67 per cent) and $285.83 million (13.07 per cent) respectively. By Destination of investment, Lagos state remained the top destination in Q4 2021 with $1.98 billion accounting for 90.66 per cent of total capital investment in Nigeria.
“This was followed by investment into Abuja, valued at $170.55 million (7.80 per cent). Categorisation of total capital investment by the bank shows that Eco Bank Plc ranked highest in Q4 2021 with $708.58 million (32.39 per cent). This was followed by Stanbic IBTC Bank with $453.82 million (20.74 per cent) and Union Bank of Nigeria Plc with 284.60 million (13.01 per cent).”