Lagos takes 81.5% of Nigeria’s capital imports worth $11.18bn - Report
Lagos accounted for Nigeria’s 81.5 per cent capital importation worth $11.18 billion within six months of 2019.
Analysis of the Capital Importation report released yesterday by the National Bureau of Statistics (NBS) showed that within the second and third quarters of 2019, the capital imported by Lagos was $9.11bn, and over the combined capital imported by the other 35 states and the Federal Capital Territory (FCT).
By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in the third quarter of 2019 with $4.98 billion and this accounted for 92.71 per cent of the total capital inflow within the period.
The FCT, with a total of $2.05 billion imported within the same period, accounted for the largest destination of capital import into Nigeria.
Meanwhile, the total value of capital importation into Nigeria stood at $5.37 billion in the third quarter of 2019, representing a decrease of -7.78 per cent compared to second quarter of 2019 and 87.99 per cent increase compared to the third quarter of 2018.
Further analysis showed that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88 per cent ($2.99 billion) of total capital importation, followed by Other Investment, which accounted for 40.39 per cent ($2.17 billion) of total capital, and then Foreign
Direct Investment (FDI), which accounted for 3.73 per cent ($200.08 million) of total capital imported in third quarter of 2019.
By sector, Capital importation by banking dominated the third quarter of 2019 reaching $1.76 billion of the total capital importation in the third quarter of 2019.
The United Kingdom emerged as the top source of capital investment in Nigeria in the third quarter of 2019 with $2.01 billion, accounting for 37.47 per cent of the total capital inflow in third quarter of 2019.
By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in third quarter of 2019 with $1.63 billion, accounting for 30.38 per cent of the total capital inflow in the third quarter of 2019.