Only Lagos and Ogun states and the Federal Capital Territory (FCT) recorded capital inflows across Nigeria in the second quarter of this year (2021 Q2).
While Lagos state was the top destination of capital investment in the period under review, with $780.06 million, Abuja had $95.26 million, while Ogun had $0.3 million.
The data which was released by the National Bureau of Statistics (NBS) also showed that the total value of capital importation into Nigeria declined to $875.62 million in Q2 of 2021.
In a report titled, ‘Nigerian capital importation (Q1 & Q2 2021),’ the NBS said in 2020, Nigeria’s capital importation dipped by 59.65 per cent at $9.68 billion – the lowest level in four years, representing a 54.06 per cent drop compared to the $1.91 billion in the first quarter (Q1) of 2021.
The report also indicated that “the United Kingdom was the top source of capital investment in Nigeria in Q2 2021 with $310.26m.
“The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97% ($551.37m) of total capital importation. It is followed by other investments, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021,” the report showed.
By sector, the report showed that capital importation into the banking industry dominated in Q2 reaching a total of $296.51 million, followed by financing with $205.88 million and shares with $194.59 million while in both Q1 and Q2, brewing, fishing, hotels, tanning and weaving sectors had no record of capital imports.
By banks, foreign firms emerged as the top capital investment in Nigeria in Q2. Stanbic IBTC recorded $310.21 million, Standard Chartered was second with $282.37 million, then Citibank ($94.15 million).
