Capital importation stood at $1,294.94m in Q2 2020—NBS

The National Bureau of Statistics (NBS) has said that the total value of capital importation into Nigeria stood at $1,294.94 million in the second quarter of 2020.

This is according to its Nigerian Capital Importation (Q2 2020) report published on its website on Friday.

The total value represents a decrease of -77.88 per cent compared to the first quarter of 2020 and -78.60 per cent in the second quarter of 2019.

The largest amount of capital importation by type was received through Other Investment, which accounted for 58.77 per cent ($761.03 million) of total capital imported.

This was followed by Portfolio Investment, which accounted for 29.76 per cent ($385.32 million).

Also, Foreign Direct Investment (FDI) accounted for 11.47 per cent ($148.59 million) of total capital imported in the second quarter of 2020.

By sector, capital importation by shares dominated in the second quarter of 2020 reaching $464.57 million of the total capital importation.

The United Kingdom emerged as the top source of capital investment to Nigeria with $428.83 million.

The investment accounted for 33.12 per cent of the total capital inflow in the second quarter of 2020.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria with $1,130.49 million.

This accounted for 87.30 per cent of the total capital inflow in the second quarter of 2020.

By bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria with $425.21 million.

This also accounted for 32.84 per cent of the total capital inflow in the second quarter of 2020.