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Nigeria’s Foreign Capital Inflow Sinks To $9.68bn, Lowest In Four Years
- The National Bureau of Statistics says in 2020, the foreign capital flow into Nigeria dropped by more than half to $9.68bn, its lowest level in four years.
- According to the NBS data, the Foreign capital flow into the country stood at $16.81bn in 2018, $12.23bn in 2017, and $5.12bn in 2016.
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The National Bureau of Statistics on Friday said in 2020, the foreign capital flow into Nigeria dropped by more than half to $9.68bn, its lowest level in four years.
EKO HOT BLOG gathered that the NBS, in its capital importation report for the fourth quarter and full-year 2020, disclosed the total value of capital importation into the country fell by 59.65 percent or $14.3bn last year from $23.99bn in 2019.
According to the NBS data, the Foreign capital flow into the country stood at $16.81bn in 2018, $12.23bn in 2017, and $5.12bn in 2016.
The statistics office said the total value of capital importation in Q4 stood at $1.07bn, down by 26.81 percent compared to Q3 and by 71.87 percent 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 Q4 2020,”.
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The NBS said the United Kingdom emerged as the top source of capital investment in Nigeria in Q4 with $236.88m, accounting for 22.14 percent of the total capital inflow.
It said, “By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.
“By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 per cent of the total capital inflow in Q4 2020.”
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