According to new data from the National Bureau of Statistics, the value of capital importation into Nigeria increased by 26.35 percent to hit $2.19 billion in the fourth quarter of 2021.
In its ‘Nigerian Capital Importation’ report, the NBS disclosed that capital importation increased from $1.73 billion in the third quarter of 2021 to $2.19 billion in Q4, 2021.
It said, “The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19 billion from $1.73 billion in the preceding quarter showing an increase of 26.35 per cent.
“When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05 billion. The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19 billion).
“This was followed by Portfolio Investment with 29.39 per cent ($642.87 million) and Foreign Direct Investment amounted to 16.38 per cent ($358.23 million) of total capital imported in Q4 2021.”
The NBS added that the tanning sector attracted the highest inflow with $645.59 million, 29.51 per cent of total inflow. Lagos attracted the most investment, with 90.66 per cent ($1.98 billion) of total investment flowing to the state.
It said, “Disaggregated by Sectors, capital importation into tanning had the highest inflow of $645.59 million 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 $360.06 million (16.46 per cent) and the electrical sector with $325.55 million (14.88 per cent). Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in Q4 of 2021 with a value of $611.45 million, accounting for 27.95 per cent.
“This was followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.67 per cent) and $285.83 million (13.07 per cent) respectively. By Destination of investment, Lagos state remained the top destination in Q4 2021 with $1.98 billion accounting for 90.66 per cent of total capital investment in Nigeria.
“This was followed by investment into Abuja, valued at $170.55 million (7.80 per cent). Categorisation of total capital investment by the bank shows that EcoBank Plc ranked highest in Q4 2021 with $708.58 million (32.39 per cent). This was followed by Stanbic IBTC Bank with $453.82 million (20.74 per cent) and Union Bank of Nigeria Plc with 284.60 million (13.01 per cent).”