- Investment Inflow Declines by 31.41% in Q2, 2019
The total value of investment inflow into the Nigerian economy in the second quarter of the year declined by 31.41 percent, the National Bureau of Statistics (NBS) reported.
Foreign investors invested $5.82 billion in Nigeria in the second quarter of 2019, a 31.41 percent below the $8.48 billion recorded in the first quarter of the year and 5.6 percent more than $5.5 billion achieved in the same period of 2018.
Portfolio investment remained the most attractive during the quarter as foreign investors dumped $4.3 billion or 73.76 percent of total imported capital it.
This was followed by Other Investment that attracted 22.41 percent or $1,304.43 billion of capital inflow in the second quarter. While Foreign Direct Investment (FDI) accounted for 3.83 percent or $222.89 million of the total capital imported in Q2, 2019.
A sectoral analysis shows the banking sector dominated in the Q2, 2019 as $1.9 billion of the total imported capital was done by banking.
During the quarter, the United Kingdom invested $3.13 billion into the Nigerian economy. Representing 53.85 percent of the total capital imported in the quarter.
However, Lagos emerged as the top investment destination in Q2, 2019, attracting $4.14 billion or 71.09 percent of the total capital inflow recorded in the second quarter of 2019.
Among banks, Stanbic IBTC Bank plc led capital investment in Nigeria during the quarter with $1.76 billion or 30.34 percent of the total capital inflow.