By Chioma Iruke
Total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1.91bn in the first quarter of 2021.
The National Bureau of Statistics (NBS) disclosed this in its report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’ released on Tuesday.
It stated that this represented a decrease of 54.06 percent, compared to Q1 2021 and 32.38 percent decrease compared to the second quarter of 2020.
The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97 percent ($551.37m) of total capital importation, followed by Other Investment, which accounted for 28.13 percent ($246.27m) of total capital imported and Foreign Direct Investment, which accounted for 8.9 per cent ($77.97m) of total capital imported in Q2, 2021.
By sector, capital importation by banking dominated in Q2, 2021 reaching $296.51m of the total capital importation in Q2, 2021.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q2, 2021 with $310.26m. This accounted for 35.43 percent of the total capital inflow in Q2, 2021.
By destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06m.
It accounted for 89.09 percent of the total capital inflow in Q2, 2021.
By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21m.
It accounted for 35.43 percent of the total capital inflow in Q2 2021.