Foreign capital flow into Nigeria plummeted by more than half in 2020 to $9. 68bn, its lowest level in four years , the National Bureau of Statistics said on Friday.
The NBS , in its capital importation report for the fourth quarter and full- year 2020, said the total value of capital importation into the country fell by 59. 65 per cent or $14. 3bn last year from $23. 99bn in 2019.
Foreign capital flow into the country stood at $16. 81bn in 2018, $12. 23bn in 2017 and $5. 12bn in 2016, the NBS data showed .
The statistics office said the total value of capital importation in Q 4 stood at $1. 07bn, down by 26. 81 percent compared to Q 3 and by 71. 87 per cent compared to the same period of 2019.
“ The largest amount of capital importation by type was received through other investment, which accounted for 73. 22 per cent ( $783. 26m ) of total capital importation, followed by Foreign Direct Investment , which accounted for 23. 49 per cent ( $251. 27m ) of total capital imported and portfolio investment which accounted for 3. 29 per cent ( $35. 15m ) of total capital imported in Q 4 2020, ” it said .
The NBS said the United Kingdom emerged as the top source of capital investment in Nigeria in Q 4 with $236. 88m , accounting for 22. 14 per cent of the total capital inflow .
It said , “ By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q 4 2020 with $829. 64m . This accounted for 77. 56% of the total capital inflow in Q 4 2020.
“ By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q 4 2020 with $216. 17m . This accounted for 20. 21 per cent of the total capital inflow in Q 4 2020. ”
