The Nigerian economy attracted a total investment inflows of $6.7bn in the 2021 fiscal period, with Lagos State getting a huge chunk of the amount from investors, figures released by the National Bureau of Statistics have revealed.
The Bureau stated this in its Capital Importation Report which was made available to THE WHISTLER on Thursday.
A breakdown of the investment inflows showed that the economy attracted $1.91bn in the first quarter of last year.
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However, the inflow from investors declined in the second quarter to $875.62m before rising again to $1.73bn in the third quarter of last year.
The upward trend in investment inflow continued in the fourth quarter of last year with about $2.18bn. The rise in foreign exchange in the fourth quarter represents an increase of $456m or 26.35 per cent.
When compared to the corresponding quarter of 2020, the investments made in the economy increased by 109.28 per cent from $1.04bn.
The largest amount of investment inflows by type was received through ‘Other Investment,’ which accounted for 54.24 per cent ($1.18bn).
This was followed by Portfolio Investment with 29.39 per cent ($642.87m) while Foreign Direct Investment amounted to 16.38 per cent ($358.23m) of total capital imported in the fourth quarter of 2021.
Disaggregated by sectors, the Report stated that capital importation into tanning had the highest inflow of $645.59m 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 $360.06m (16.46 per cent) and the electricals sector with $325.55m (14.88 per cent).
The Report further revealed that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45m, accounting for 27.95 per cent.
This was followed by the United States of America and the Republic of South Africa valued at $321.03m (14.67 per cent) and $285.83m (13.07 per cent) respectively.
By destination of investment, Lagos state remained the top destination in the fourth quarter of 2021 with $1.98bn accounting for 90.66 per cent of total capital investment in Nigeria.
This was followed by investment into Abuja, valued at $170.55m (7.80 per cent).
Categorization of total investment inflows by Bank shows that Eco Bank Plc ranked highest in the fourth quarter of 2021 with $708.58m (32.39 per cent).
This was followed by Stanbic IBTC Bank with $453.82m (20.74 per cent) and Union Bank of Nigeria Plc with $284.6m (13.01 per cent).