Nigeria’s Foreign Capital Import Plummets

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Nigeria’s Foreign Capital Import Plummets

By Hamilton Nwosa(Head, The New Diplomat’s Polling, Research & Data desk)

The total value of capital importation into Nigeria has plummeted from $23.9 billion in 2019 to $9.68 billion in 2020. It is the lowest in three years.

This is a decline of 59.65 per cent within 12 months, according to data released by the National Bureau of Statistics (NBS) on Friday, Foreign capital flow into the country stood at $16.81bn in 2018, the data showed.

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According to the statistics agency in its full-year capital importation report, Nigeria recorded $1.06 billion in the fourth quarter of last year, a 26.81 per cent drop quarter on quarter.

The report shows that the largest amount of capital importation was received through other investments which recorded $783.26 million, followed by foreign direct investment and portfolio investment.

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The United Kingdom topped the list of top sources of investment, while Lagos State emerged top destination of capital investment in the review quarter.

“By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.

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“By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 per cent of the total capital inflow in Q4 2020,” NBS said.

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