Home Business UK leads as foreigners bring $1.73bn into Nigeria in three months

UK leads as foreigners bring $1.73bn into Nigeria in three months

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The National Bureau of Statistics (NBS) has disclosed that Nigeria attracted $1.73 billion from foreign investors and companies in the third quarter of last year (Q3 ’21).

This was a 97 percent improvement from the $875.62 million reported in the second quarter of 2021.

NBS gave the numbers in its released Capital Importation Report for Q3’21 on Thursday.

The Bureau noted that the largest amount of capital importation by type was received through portfolio investment, which accounted for 70.3 percent ($1.21 billion) of total capital importation.

Part of the report reads: “The total value of capital importation into Nigeria in the third quarter of 2021 stood at $1.73 billion from $875.62 million in the preceding quarter of 2021, showing an increase of 97.7 percent.

“When compared to the corresponding quarter of 2020, capital importation as well increased by 18.4 percent from $1.46 billion.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 70.30 percent ($1.21 billion) of total capital importation. “This was followed by other investment, which accounted for 23.4 percent ($406.35 million) and Foreign Direct Investment (FDI) amounted to 6.23 percent ($107.81 million) of total capital imported in Q3 2021.”

On capital importation by sector, NBS said: “Capital importation into financing had the highest inflow of $469.17 million amounting to 27 percent of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the banking sector valued at $460.39 million (26.59%) and the production sector $323.83 million (18.7%).

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

“This was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.5%) and $257.12 million (14.85%) respectively.”

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