With a 12.86 percent increase, when compared to the second quarter of 2020, the total value of importation into Nigeria in the third quarter stood at $1,461.49m as only seven states contributed to this increase.
The National Bureau of Statistics published that the largest amount of capital importation received was through other investment, accounting for $639.44m, while 56.25 percent covered Foreign Direct Investment and Portfolio Investment; $414.79m and $407.25m respectively. The report, however, showed that only Abia, Abuja, Kano, Kaduna, Lagos, Niger and Ogun were major destinations for capital importation for the third quarter with Lagos receiving over $1200 in the said quarter.
According to the Bureau, “by sector, Capital importation by Production dominated in Q3 2020 reaching $400.09m of the total capital importation in Q3 2020. The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. This accounted for 40.69 percent of the total capital inflow in Q3 2020.in Q3 2020 with $1,208.74m. This accounted for 82.71 percent of the total capital inflow in Q3 2020.
“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 30.04percent of the total capital inflow in Q3 2020.”