New Telegraph

Capital Inflow drops by 78.6% to $1.29bn –NBS

A report of Nigeria’s Capital Inflow for second quarter of 2020 released yesterday by the National Bureau of Statistics showed that capital inflow (FDI) went down by 78.6 per cent to $1.29bn in the second quarter of this year compared to $5.82bn recorded same period in 2019.

The figure indicates a decline of capital inflow by $4.53billion in one year, while Lagos State topped the destination of capital investment flow in the country. A breakdown of the data shows the largest amount of capital importation by type was received through other investments, which accounted for 58.77 per cent ($761.03 million) of total capital imported. Also on Capital Importation by type Loans dominated at $726m, representing 30 per cent increase against the first quarter of 2019 and down 32 year on year. Money Market Instruments also fell by 90 per cent on yearly comparison and 91 per cent quarter on quarter at $332.07m.

NBS said Portfolio Investment followed as it accounted for 29.76 per cent representing $385.32m. During the period, Foreign Direct Investment (FDI) accounted for 11.47% of the total capital inflow at $148.59m. By countries contribution, the United Kingdom was Nigeria’s highest contributor to capital investment with $428.83m. The UK contribution accounted for 33.12 per cent of the total capital inflow in the quarter under review, NBS said.

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