Lagos Leads as Capital Importation Rises to $2.19bn in Q4

•Mauritius, US are Nigeria’s top investors 

James Emejo

The total value of capital importation into the country rose by 26.35 per cent to $2.19 billion in the fourth quarter of 2021 (Q4 2021) compared to $1.73 billion the preceding quarter, the national Bureau of Statistics (NBS) disclosed yesterday.

According to the Nigerian Capital Importation

(Q4 2021) report released by the NBS, the largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent or $1.19 billion, followed by portfolio investment with 29.39 per cent or $642.87 million.

However, the much needed Foreign Direct Investment (FDI) amounted to 16.38 per cent or $358.23 million of total capital imported in the review period.

Disaggregated by sectors, capital importation into tanning had the highest inflow of $645.59 million amounting to 29.51 per cent of total capital imported.

This was followed by the production sector which was valued at $360.06 million or 16.46 per cent and the electrical sector which accounted for $325.55 million or 14.88 per cent.

When compared with the corresponding quarter of 2020, however, capital importation increased by 109.28 per cent from $1.05 billion – this was at the peak of the COVID-19 pandemic when global economies were subjected to the negative impact of the public health crisis.

 By destination, Lagos State attracted the largest capital inflows of $1.98 billion, while the Federal Capital Territory (FCT) attracted $170.55 million.

Osun received $29.92 million, Oyo $2 million and Rivers $1 million.

However, investments in shares gulped $31 million while agriculture attracted $237.83 million, oil and gas $32.31 million, marketing $203.73 million and trading $311.18 million.

Mauritius topped capital inflows with $611.45 million followed by the United States of America (USA) which accounted for $321.03 million while South Africa contributed $285.83 million.

The Netherlands and Singapore represented $228.02 million and $223.82 million respectively.

States like Bauchi, Benue,  Bayelsa,  Borno,  Cross River,  Ebonyi,  Enugu,  Gombe and Imo, among several others did not attract any foreign capital during the review period.