Nigeria’s economy attracted a total investment inflow of $12.2 billion in 2017, an increase of $7.1 million or 138.7 percent from the figure recorded in 2016, the National Bureau of Statistics says.
This was contained in the NBS capital importation report for the 2017 fiscal year released on Thursday.
The NBS put the investment inflow into the country as at the end of the fourth quarter of 2017 at $5.32 billion compared to $4.14bn in the third quarter
According to the report, Lagos and Abuja accounted for over 97 per cent of the investment inflow into the country.
The report reads in part: “The growth in Capital Importation in 2017 was mainly driven by an increase in Portfolio Investment, which went up by $5,516.2 million from the previous year to reach $7,329.1 million in 2017, and accounting for 60% of capital imported.
“During the reference quarter total capital imported when compared to the previous quarter increased by $1,237.8 million.
“Portfolio Investment, which recorded $3,477.5 million in fourth quarter of 2017, remained the largest component of capital imported and contributed 64.6% of the total amount ($5.3m).
“Foreign Direct Investment recorded $378.4 million in quarter 4, which is a year on year increase of 9.8%, while Other Investment recorded $1,526.9, growing by 66% when compared to quarter 4 of 2016.”