Investment Inflows into Nigeria fell by 74 per cent to $1.46bn in the third quarter of 2020, representing a huge fall from the $5.63bn recorded in the same period of 2019.
With recession taking a toll on Nigeria, the investment Inflows in the third quarter of this year improved 12.86 per cent compared to the second quarter of this year, during which it recorded $1.29bn.
The National Bureau of Statistics disclosed these in its Capital Importation Report for the third quarter of this year.
It said that the largest amount of capital importation by type was received through Other Investment.
According to the NBS, other investments accounted for 43.75 per cent of total capital imported into the country at $639.44m.
The NBS said Foreign Direct Investment accounted for 28.38 per cent or $414.79m, while Portfolio Investment accounted for 27.87 per cent of total capital imported in the third quarter amounting to $407.25m.
The Bureau revealed that by sector, Capital importation by Production dominated the third quarter of this year amounting to $400.09m.
Based on the data, the Report said United Kingdom emerged as the highest source of capital investment into Nigeria with a total of $594.65m.
The amount represents 40.69 per cent of the total capital inflow in the third quarter, followed by the Netherlands which accounted for $176.28m.
Ireland also accounted for $130m of the capital inflow into the country during the third quarter, while inflows from Singapore was $113.74m.
Lagos state emerged as the top destination of capital investment in Nigeria with $1.2bn. The amounts accounted for 82.71 per cent of the total capital inflow during the period.