Africa’s largest economy attracts US$19.67bn investments in nine months

NIGERIA – Nigeria’s Economy which is the largest in Africa in terms of nominal GDP attracted a total of US$19.67 billion worth of investments during the first 9 months of 2019, figures released by the National Bureau of Statistics have revealed.

The NBS in its capital importation report, said the investments were from various sources including; Foreign Direct Investments made up of equity; portfolio investment made up of bonds and money market instruments; and other investments made up of trade credit, currency deposits and other claims.

A breakdown of the US$19.67bn investments showed that US$8.48bn was attracted into the economy in the first quarter.

This was made up of US$243.36m from the FDI, while portfolio and other investments attracted US$7.14bn and US$1.09bn respectively.

For the second quarter, the NBS report stated that the economy attracted a total investment inflow of US$5.82bn, representing a decline of US$2.66bn when compared to the first quarter figure.

The US$5.82bn inflow was made up of FDI of $222.89m, portfolio investment of $4.29bn and others being $1.3bn.

Investment inflows declined even further during the third quarter to stand at US$5.36bn down from the US$5.82bn recorded in the second quarter.

The report also showed that largest amount of capital importation was received through portfolio investment, which accounted for $2.99bn, representing 55.88 per cent of total capital importation.

This was followed by other investment, which accounted for $2.16bn or 40.39 percent of total capital.

In terms of sector, the report said investment inflows from banks dominated the third quarter with US$1.75bn worth od investments.

United Kingdom emerged as the top source of capital investment in Nigeria in the third quarter attracting a total of US$2.01bn which is about 37.47 per cent of the total capital inflow during the period.

By destination of investment, the report said Lagos State emerged as the top destination of capital investment in Nigeria with US$4.97bn in investments, representing 92.71 percent of the total capital inflow in the third quarter.

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