The National Bureau of Statistics (NBS) on Friday said Nigeria recorded a total of $$1.29 billion in capital inflow (importation) in the second quarter of 2020. This represents a decrease of -77.88% compared to Q1 2020 and -78.60% in Q2 2019.
According to the report, the largest amount of capital importation by type was received through Other investment, which accounted for 58.77% ($761.03m) of total capital imported, followed by Portfolio Investment, which accounted for 29.76% ($385.32m) and Foreign Direct Investment (FDI), which accounted for 11.47% ($148.59m) of total capital imported in Q2 2020.
Capital importation by Shares dominated in Q2 2020 reaching $464.57m of the total capital importation in Q2 2020.
Capital inflows by origin
The United Kingdom emerged as the top source of capital investment to Nigeria in Q2 2020 with $428.83m. This accounted for 33.12% of the total capital inflow in Q2 2020.
Other countries that accounted for the biggest share of capital inflows in Nigeria during the period include South Africa ($149.3 million), UAE ($145.2 million), Netherlands ($141.3 million) and Singapore (134.4 million).
Capital inflows by destination
By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2020 with $1,130.49m. This accounted for 87.30% of the total capital inflow in Q2 2020.
Ogun State received $11 million within the quarter, Niger ($6.86 million), Anambra ($1.16 million) and Kano State, which received $130,000 capital inflows.
Capital inflows by Bank
Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q2 2020 with $425.21m. This accounted for 32.84% of the total capital inflow in Q2 2020.
The banking sector came third on the list as it attracted $140.2 million (10.8%) capital inflows, others on the list include; Production $110.8 million (8.6%), Telecoms $105.6 million (8.2%), Trading $68.2 million (5.3%) and Agriculture $48.8 million (3.8%).