Capital Inflow Into Nigeria Drops By $4.53bn To $1.29bn— NBS

The capital inflow into Nigeria dropped by $4.53bn or 78.6 per cent to $1.29bn in the second quarter of 2020, the National Bureau of Statistics has said.

The country had during the same period in 2019 recorded a total of $5.82bn in capital inflow.

The report published on Friday by the bureau revealed that Lagos State was the top destination of capital investment in the country.

A breakdown of the data shows that the largest amount of capital importation by type was received through other investment, which accounted $761.03m.

This is about for 58.77 per cent of total capital imported into the country.

Money Market Instruments also dropped by 90 per cent year to $332.07mn.

NBS said Portfolio Investment followed as it accounted for 29.76 per cent representing $385.32m.

During the period, Foreign Direct Investment accounted for 11.47 per cent of the total capital inflow at $148.59m.

By country’s contribution, the United Kingdom was Nigeria’s highest contributor to capital investment with $428.83mn.

The UK contribution accounted for 33.12 per cent of the total capital inflow in the quarter under review, NBS said.