According to a new report released by the National Bureau of Statistics,the total value of capital imported into Nigeria in 2015 plungedby N2.21trn from the value recorded the previous year.
The report showed that a total $9.64 billion (N1.92trn) was imported into Nigeria in 2015 as against $20.75 billion (N4.13trn) that was imported the previous year.
The difference of the values attracted in 2014 and 2015 translated to 53.53 per cent fall in 2015.
The NBS indicated that the data on capital importation used in this report was obtained from the Central Bank of Nigeria (CBN).
Further analysis of the report showed that a total of $1.56 billion was imported in the fourth quarter of last year, translating to a decline of 43.34 per cent from levels recorded in the previous quarter.
The sector that imported the most capital in the fourth quarter of last year was banking, importing $193.49 million and “after being a relatively unimportant sector for the last few years” in terms of capital importation, electrical became the second largest importer of capital.
The NBS attributed the growth in capital imported by electricity to “possibly pointing to increased investments in the sector as a result of the sector’s deregulation in recent years.”
