The total value of capital importation into Nigeria stood at $1.73 billion in the third quarter of 2021, from 875.62 billion dollars in the preceding quarter, the National Bureau of Statistics (NBS) says.

The bureau said this in its “Nigerian Capital Importation, Quarter Three (Q3), 2021” report released and obtained from its website on Monday in Abuja.

The figure represents an increase of 97.73 per cent compared to Q2 2021 and 18.47 per cent increase from $1.461 billion in Q3 of 2020.

It said that the largest amount of capital importation by type was received through portfolio investment which accounted for 70.30 per cent ($1.217 billion) of total capital importation.

This was followed by other investment which accounted for 23.47 per cent (406.35 million dollars) and Foreign Direct Investment (FDI) amounted to 6.23 per cent (107.81 million dollars) of total capital imported in the quarter.

Giving details by sectors, the report said that capital importation into financing had the highest inflow of $469.17 million amounting to 27.10 per cent of total capital imported in the period under review.

“This was closely followed by capital imported into the banking sector valued at 460.39 million dollars (26.59 per cent) and production sector 323.83 million dollars (18.70 per cent).

“Capital importation by country of origin revealed that the United Kingdom ranked top as source of capital imported into Nigeria in the third quarter of 2021 with a value of 709.8 million dollars accounting for 40.99 per cent.

“This was followed by capital imports from South Africa and United States of America valued at 389.54 million dollars (22.50 per cent) and 257.12 million dollars (14.85 per cent) respectively.”

By destination of investment, the NBS said Lagos remained the top destination of capital investment in Nigeria in the quarter with $1.481 billion, accounting for 85.57 per cent of total capital investment in Nigeria in the period under review.

This was followed by investment into Abuja (FCT) valued at 249.19 million dollars (14.39 per cent).

Meanwhile, by bank, Stanbic IBTC Bank Plc ranked highest with $537.92 million (31.07 per cent) of total capital investment in Nigeria.

This was followed by Standard Chartered Bank with $326.01 million (18.83 per cent) and Citibank Nigeria Limited with $248.30 million (14.34 per cent).

Data for the report was supplied administratively by the Central Bank of Nigeria (CBN), verified and validated by the NBS.

(NAN)