Lagos, Top Destination For Foreign Investors In Q1 2019

The National Bureau of Statistics says in a just a year, Lagos has pushed off Abuja to become the top destination for foreign investors in Nigeria.

In its report on Capital investment for the first quarter of 2019, the NBS said Lagos reported an inflow of $4,773.26 million, up from the $2.67 billion reported in the first quarter of 2018.

The bureau also said that the total Foreign Investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of the year (Q1’19), adding that Lagos contributed 56.25% to the total capital inflow.

United Kingdom (UK) remained the lead capital investor in Nigeria in the first quarter of 2019, a position it has occupied since 2010 except for two quarters in 2015.

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 “The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019. This represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018.

“The largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21% ($7,145.98) of total capital importation, followed by Other Investment, which accounted for 12.91% ($1,096.15m) of total capital, and then Foreign Direct Investment FDI, which accounted for 2.86% ($243.36m) of total capital imported in 2019.

“By sector, Capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1 2019.

“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million. This accounted for 56.25% of the total capital inflow in Q1 2019.

“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606.09 million. This accounted for 42.50% of the total capital inflow in Q1 2019.”