Investment inflows into Nigeria rose by 95.02 per cent from $884.1 million in the first quarter of this year to $1.79bn in the second quarter.
The National Bureau of Statistics (NBS) disclosed this in a capital importation report released yesterday.
The bureau, in the report attributed the main driver of the quarterly growth in capital importation in the second quarter to 146.7 per cent increase in Portfolio Investments.
According to the report, other Investments, also grew by 95.02 per cent, including Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter.
The report noted: “The total value of capital imported into Nigeria in the second quarter of 2017 was estimated to be $1.792bn. This figure was $884.1m more than the figure recorded in Q1 2017, a growth of 95.02 per cent.
“Year on year, this was an increase of 43.6 per cent from the $1.04bn recorded in Q2 of 2016. A month on month analysis of capital importation in the second quarter shows that the month of May recorded the highest of amount of capital importation ($616.5m), followed by June with $612.6m and May with $563.3m.
“The main driver of the quarterly growth in capital importation in the second quarter was Portfolio Investments, which increased by 145.7 per cent, followed by Other Investments, which grew by 95.02 per cent, and then Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter”.
The NBS said portfolio Investment was the largest component of imported capital in the second quarter of 2017 and accounted for $770.5m, or 43 per cent respectively of the total.
This was closely followed by Other Investments, which accounted for $747.5m, or 41.7 per cent, and then FDI, which accounted for $274.4 or 15.3 per cent during the quarter.
The report also added that the state to import the most capital into Nigeria in the second quarter of 2017 was Lagos, as in all previous quarters.
“Lagos is the commercial and financial capital of Nigeria, and home to Nigeria’s Stock Exchange where shares are traded.
As such, it accounts for most of the capital imported into the country”, stated the report.
