Nigeria attracts $200m FDI in Q3 ― NBS

Nigeria attracted a total of $200.08 million in direct foreign investment during the third quarter of 2019.

A report by the National Bureau of Statistics (NBS) released on Monday also put the total value of capital importation into the country during the period under consideration at $5.367 billion.

It explained that the $5.367 billion represented a decrease of -7.78 per cent compared to Q2 2019 and 87.99 percentage increase compared to the third quarter of 2018.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88 per cent or $2.999 billion in actual figures of total capital importation.”

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This was followed by other investment types, which accounted for 40.39 per cent or $2.167 billion of total capital, and then foreign direct investment (FDI), which brought in $200.08m or 3.73 per cent of total capital imported in the third quarter.

“By sector, capital importation by banking dominated Q3 2019 reaching $1,756.83 million of the total capital importation in Q3 2019.”

United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million.
This accounted for 37.47% of the total capital inflow in Q3 2019.

By destination of investment, Lagos state emerged as the top destination of capital investment in Q3 2019 with $4,976.40 million.

This accounted for 92.71% of the total capital inflow in Q3 2019.

NBS also noted that Stanbic IBTC Bank Plc was at the top of capital investment in Nigeria in Q3 2019 with $1,630.91 million.

This accounted for 30.38% of the total capital inflow in Q3 2019.

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