Nigeria’s Foreign Capital Inflow dipped to its lowest level in four years, dropping by more than half to $9.68bn in 2020.
This is according to the NBS capital importation report for the fourth quarter and full-year 2020. The bureau’s report shows that the total value of capital importation into the country fell by 59.65 percent or $14.3bn last year from $23.99bn in 2019.
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According to NBS data, Nigeria’s capital inflow as of 2018 hit $16.81bn, also, the country recorded $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 percent ($783.26m) of total capital importation, followed by Foreign Direct Investment, which accounted for 23.49 percent ($251.27m) of total capital imported and portfolio investment which accounted for 3.29 percent ($35.15m) of total capital imported in Q4 2020,” it said.
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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 percent of the total capital inflow in Q4 2020.”
