Nigeria’s Q1 capital import hits $5,854.38m

 Nigeria’s Q1 capital import hits $5,854.38m

Nigeria’s total value of capital import stood at $5,854.38 million in the First Quarter of the year, according to the National Bureau of Statistics (NBS).

In its report entitled: “Nigerian Capital Importation (Q1 2020)”it posted on its website yesterday, the NBS said the importation represents an increase of 53.97 per cent compared to the last quarter of 2019 and -31.19 per cent decrease compared from the first quarter of 2019.

“The largest amount of capital importation by type was through Portfolio Investment, which accounted for 73.61 per cent ($4,309.47million) of total capital importation, followed by Other Investment, which accounted for 22.73 per cent ($1,330.65million) of total capital, and the Foreign Direct Investment (FDI), which accounted for 3.66 per cent ($214.25million) of the total capital imported in Q1 2020,” the report said.

NBS said by sector, capital importation by banking dominated the quarter reaching $2,990.21million of total capital importation in the period under review.

The United Kingdom, the report said, emerged as the top source of capital investment in Q1 2020 with $2,908.62 million.

NBS said it accounted to 87.72 per cent of the total capital inflow during the quarter under review.

Ayomide Oyewole

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