Capital Importation Declines to $875.62m in Q2

The total value of capital importation into the country declined by -54.06 percent to  $875.62m in the second quarter of the year (Q2 2021)  from $1.91 billion in the preceding quarter, the National Bureau of Statistics (NBS) stated Wednesday.

This also represented a contraction of 32.38 percent when compared to Q2 2020.

According to the Nigerian Capital Importation (Q1 & Q2 2021) report published by the statistical agency, portfolio investment accounted for  62.97 percent or $551.37 million of total capital importation.

This was followed by

other investment,  which accounted for  28.13 percent or $246.27 million of total capital imported while Foreign  Direct  Investment  (FDI) contributed 8.90 percent or $77.97 million to capital inflows in Q2.

Also, the banking sector dominated in Q2 reaching $296.51 million of the total capital importation.

The  United Kingdom  (UK) emerged as the top source of capital investments in the country with $310.26 million, representing 35.43 percent of the total capital inflow in the review period.

Lagos State emerged as the top destination of capital investment in the country with $780.06 million or 89.09 percent of the total capital inflow in Q2.

The NBS stated that Stanbic  IBTC  Bank  Plc emerged at the top of capital investment in  Q2 with $310.21 million, representing 35.43 percent of the total capital inflow in Q2.