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Capital importation declines by $14.31bn in 2020- NBS

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33 ships carrying various products expected at Lagos ports- NPA

The total value of capital importation in 2020 stood at 9.68 billion dollars compared to 23.99 billion dollars recorded in 2019.

The National Bureau of Statistics (NBS) said this in its “Nigerian Capital Importation, Quarter Four (Q4), 2020” report on its website on Friday in Abuja.

The figure reduced by 14.31 billion dollars, represented a decline of -59.65 per cent.

It also said that the total value of capital importation into Nigeria in fourth quarter stood at 1.06 billion dollars, representing a decrease of -26.81 per cent compared to third quarter which had 1.46 billion dollars.

The bureau, however, said that the figure showed a decrease of -71.87 per cent when compared to fourth quarter 2019 which had 3.802 billion dollars.

The NBS added that the largest amount of capital importation by type in fourth quarter was received through other investment, which accounted for 783.26 million dollars.

The amount represented 73.22 per cent of total capital importation.

This was closely followed by Foreign Direct Investment (FDI), which accounted for 251.27 million dollars and also represented 23.49 per cent.

Also, portfolio investment which accounted for 35.15 million dollars, represented 3.29 per cent.

By sector, it said shares dominated in the period under review reaching 287.04 million dollars.

The NBS also said that the United Kingdom emerged as the top source of capital investment in Nigeria in fourth quarter 2020 with 236.88 million dollars, accounting for 22.14 of inflow.

This was followed closely by Singapore with 181.11 million dollars and United Arab Emirates (UAE) with 131.34 million dollars.

For full year, the United Kingdom topped the chart with capital importation of 4.16 billion dollars, while UAE imported 899.44 million dollars.

Netherlands has 890 million dollars capital imported, while South Africa has 871 million dollars capital imported.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q4 with 829.64 million dollars and for the full year with 8.304 billion dollars.

By Bank, Citibank Nigeria Ltd., emerged at the top of capital investment in Nigeria in fourth quarter 2020 with 216.17 million dollars and 1.507 billion dollars by full year 2020.

It was reported that data for the report was supplied by the Central Bank of Nigeria (CBN), while it was verified and validated by the NBS.

Folasade Akpan

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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