Nigeria’s Investment Inflow Rises To $6.3bn – NBS

Nigeria’s Investment Inflow Rises To $6.3bn – NBS

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Added by May 14, 2018

Investment inflow into the country hit $6.3bn in the first quarter of the year, according to report released by the National Bureau of Statistics on Friday.

This means an increase of 17.1 per cent over the $5.38bn made in the fourth quarter of last year.

According to the report, the raise in capital inflow in the first quarter of 2018 was driven mainly by portfolio investment, which rose to $4.56bn from $3.47bn in the last quarter.

“The first quarter in 2018 saw a continuous growth in total capital importation into Nigeria, the fourth consecutive quarterly increase since Q2 2017,” the report read in part.

“The total value of capital imported in the quarter stood at $6.30bn, which is a year-on-year increase of 594.03 per cent and a 17.11 per cent growth over the figure reported in the previous quarter.

“This increase in capital inflow in Q1 2018 was driven mainly by portfolio investment, which grew from $3.47bn in the previous quarter to $4.56bn, accounting for 72.42 per cent of the total capital importation during the quarter.”

In addition, the report revealed that, “Foreign direct investment in Nigeria was still weak when compared to portfolio investment and other investment, representing only 3.9 per cent of total capital imported.

“Equity investment, a sub-category under the FDI, contributed $246.61m or 99.9 per cent of the FDI during the quarter, while other capital under FDI contributed less than 0.001 per cent.

“During the first quarter, $1.18bn overseas investment flowed to the banking sector, which accounted for 18.7 per cent of the total capital importation.

“Financing exceeded production, servicing and telecoms sectors to become the second leading sector to receive capital investment, attracting $485.41m during the quarter.

“This was followed by the servicing sector with $328.15m; production sector with $144.09m; and agriculture with $130.90m.”

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