Covid19: Nigeria Generated More Loans in Q3 2020

According to the latest report by the National Bureau of Statistics, Nigeria received more loans in the third quarter of 2020. These loans amount to $624.45 million of the total $1.4billion received in the said year.

In the third quarter of 2020, Nigeria had just opened its economy to allow transactions after shutting it down for months to control the rising cases of Covid19 pandemic. The effect had dropped the inflow by over $4000 million between the first quarter and second quarter.

On reopening in July, NBS recorded a 13 percent increase with production, banking, shares, financing, telecommunications sector having a total value of $1048.16 million which translates to 89.17 percent of the total capital value imported within the said quarter. Other investments within the year include FDI equity $414.79m, Money Market instruments $363.15m, Portfolio Investment Equity $44.1m, Other claims $14.99.

Also, by Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04 percent of the total capital inflow in Q3 2020.