CBN: Nigeria’s economy attracts $5.36 billion in third quarter 2019, NBS confirms

The total value of capital importation into Nigeria stood at $5.36 billion in the third quarter of 2019, the National Bureau of Statistics (NBS) capital importation report released yesterday has shown.

The figure represents a decrease of -7.78 per cent compared to second quarter 2019 and 87.99 per cent increase compared to the third quarter of 2018.

The data was supplied administratively by the Central Bank of Nigeria (CBN) and verified and validated by the NBS.

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 ($2.16 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 this year.

By sector, Capital importation by banking dominated in the third quarter of 2019 reaching $1.75 billion of the total capital importation within the period.

The United Kingdom emerged as the lead capital investor in Nigeria in the period 2019 with $2.01 billion . This accounted for 37.47 per cent of the total capital inflow in the third quarter of 2019.

Further analysis of the report showed that, Lagos is the most preferred destination for foreign investors, with the largest inflow of foreign capital of $4.97 billion.

“The total value of capital importation into Nigeria stood at $5.36 bllion in the third quarter of 2019. This represents a decrease of -7.78 per cent compared to second quarter 2019 and 87.99 per cent increase compared to the third quarter of 2018,” the report added.

“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 ($2.16 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 2019.

“By sector, Capital importation by banking dominated third quarter 2019 reaching $1.75 billion of the total capital importation in third quarter 2019. The United Kingdom emerged as the top source of capital investment in Nigeria in third quarter 2019 with $2.01 billion. This accounted for 37.47 per cent of the total capital inflow in third quarter 2019.

“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in third quarter 2019 with $4.97 billion . This accounted for 92.71 per cent of the total capital inflow in third quarter 2019. By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q3 2019 with $1,630.91 million. This accounted for 30.38 per cent of the total capital inflow in third quarter 2019.”