The total value of capital importation into Nigeria stood at $1.73 billion in the third quarter of 2021, from $875.62 million in the preceding quarter of 2021, the National Bureau of Statistics (NBS) says.

The bureau said this in its “Nigerian Capital Importation, Quarter Three (Q3), 2021″ report released and obtained from its website on Monday in Abuja.

The figure represents an increase of 97.73 per cent compared to Quarter Two 2021 and 18.47 per cent increase from $1.461 billion in the third quarter of 2020.

It said that the largest amount of capital importation by type was received through portfolio investment which accounted for 70.30 per cent ($1.217 billion) of total capital importation.

This was followed by other investment which accounted for 23.47 per cent ($406.35 million) and Foreign Direct Investment (FDI) amounted to 6.23 per cent ($107.81 million) of total capital imported in the quarter.

Giving details by sectors, the report said that capital importation into financing had the highest inflow of $469.17 million amounting to 27.10 per cent of total capital imported in the period under review.

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“This was closely followed by capital imported into the banking sector valued at $460.39 million (26.59 per cent) and production sector $323.83 million (18.70 per cent).

“Capital importation by country of origin revealed that the United Kingdom ranked top as source of capital imported into Nigeria in the third quarter of 2021 with a value of $709.8 million accounting for 40.99 per cent.

“This was followed by capital imports from South Africa and United States of America valued at $389.54 million (22.50 per cent) and $257.12 million (14.85 per cent) respectively.”

By destination of investment, the NBS said that Lagos State remained the top destination of capital investment in Nigeria in the quarter with $1.481 billion, accounting for 85.57 per cent of total capital investment in Nigeria in the period under review.

This was followed by investment into Abuja (FCT) valued at $249.19 million (14.39 per cent).

Meanwhile, by bank, Stanbic IBTC Bank Plc ranked highest with $537.92 million dollars (31.07 per cent) of total capital investment in Nigeria.

This was followed by Standard Chartered Bank with $326.01 million (18.83 per cent) and Citibank Nigeria Limited with $248.30 million (14.34 per cent).

The report was supplied administratively by the Central Bank of Nigeria (CBN), verified and validated by the NBS.

TheStar