The National Bureau of Statistics, NBS, on Thursday said that capital importation rose sharply, quarter-on-quarter (QoQ) by 97 percent to $1.73 billion in the third quarter of last year (Q3’21) from $875.62 million in the previous quarter, Q2’21.
In its Capital Importation Report for Q3’21 released, the Bureau disclosed 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.
The report stated:”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 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.”