Nigeria recorded $414.79m Foreign Direct Investment in the third quarter of 2020 out of a total of $1.46bn capital inflow into the country during the period under review.
The National Bureau of Statistics disclosed this in its ‘Nigerian capital importation’ report for the third quarter of 2020.
Part of the report read, “The total value of capital importation into Nigeria stood at $1,461.49m in the third quarter of 2020.
“This represents an increase of 12.86 per cent compared to Q2 2020 and -74.03 per cent decrease compared to the third quarter of 2019.
“The largest amount of capital importation by type was received through other investment, which accounted for 43.75 per cent ($639.44m) of total capital importation, followed by Foreign Direct Investment, which accounted for 28.38 per cent ($414.79m) of total capital imported and portfolio investment which accounted for 27.87 per cent ($407.25m) of total capital imported in Q3 2020.”
By sector, capital importation by production dominated in Q3 2020 reaching $400.09m of the total capital importation in Q3 2020.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. This accounted for 40.69 per cent of the total capital inflow in Q3 2020.
By destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1,208.74m. This accounted for 82.71 per cent of the total capital inflow in Q3 2020.
By bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04 per cent of the total capital inflow in Q3 2020.
– Punch