The National Bureau of Statistics has confirmed that capital imported into Nigeria surged by 97.73% in the closing quarter of 2021. The value stood out at $1.73 billion, edging out the $875.62 million recorded in the preceding quarter.
The body published a report that revealed the 97,73 percent increase. However, comparison with the last quarter of 2020 also showed an 18.47 percent increase from $1.46 billion.
According to the bureau, portfolio investment recorded the largest amount of capital importation by type, climaxing in 70.30 ($1.22 billion) percent of the total capital importation
Second on the list were other investments, accounting for 23.47 percent ($406.35 million). Foreign Direct Investment (FDI) summed up to 6.23 per cent ($107.81 million) of total capital imported in the third quarter 2021.
By sector, capital importation into financing witnessed the highest inflow of $469.17 million, aggregating at 27.10 percent of the total capital imported in Q3 of 2021. This was followed by capital importation into the banking, valued at $460.39 million (26.59 percent) while the production sector recorded an influx of $323.83 million (18.70 percent).
Where did all the money come from?
The United Kingdom ranked as the major source of capital imported into Nigeria in Q3 of 2021, accounting for up to 40.99 percent of the total capital imported, with a value of $709.8million.
Closely following this was capital imported from South Africa and the United States, valued at $389.54 million (22.50per cent) and $257.12 million (14.85 percent) respectively.
Lagos, a land of funding
Lagos state maintained the top destination of capital investment in Nigeria in the third quarter of 2021, with a total inflow of $1.48 billion (85.57 percent) of total capital investment in Nigeria. Investments in Abuja (FCT) came second, at a value of $249.19 million (14.39 percent). This translates to a richer economy in the state, positioning it as a favourable location for businesses.
Ranking by bank placed Stanbic IBTC Bank Plc as the highest recipient of capital funding in Nigeria in Q3 2021. The bank recorded $537.92 million (31.07percent) of total capital investment in Nigeria. This was trailed by Standard Chartered Bank (18.83 percent) and Citibank Nigeria Limited (14.34 percent).