Foreign capital inflow into Nigeria down by 31% to $5.85bn in Q1-NBS

TRACKING___As the coronavirus outbreak negatively affected investment in oil and gas triggered volatility in the capital market and disrupted supply chains, foreign capital importation into Nigeria nosedived by 31.19 per cent to $5.854 billion in the first quarter of this year relative to the corresponding period of last year

However, capital importation expanded by 53.97 per cent quarter-on-quarter with portfolio investment accounting for $4.307 billion of the total sum, the statistics office said on Tuesday in its Nigerian Capital Importation report for Q1 2020.

Portfolio investment contributed 73.61 per cent of the total capital importation, other investment accounted for 22.73 per cent or $1.331 billion while foreign direct investment provided 3.66 per cent or $214.25 million.

“The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2020 with $2,908.62m. This accounted for 49.68 per cent of the total capital inflow in Q1 2020.

“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5,135.49million. This accounted for 87.72 per cent of the total capital inflow in Q1 2020,” the document read in part.

Banking was responsible for the biggest capital importation by sector, accounting for $2.990 billion of the entire inflow.

“By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1,656.60million. This accounted for 28.30 per cent of the total capital inflow in Q1 2020,” the report said.