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BUSINESS & ECONOMYCOVERNEWSLETTER

UK, S/Africa Accounted For 65% Of Nigeria’s Capital Inflow In 2021

Inflation: Forex Availability Crucial For Nigeria's Import-Dependent Economy

The United Kingdom and South Africa led the list of source countries for Nigeria’s capital inflows between January and September 2021, both accounting for 64.9% of the total capital importation recorded by Nigeria in the review period. 

This is according to the capital importation report, released by the National Bureau of Statistics (NBS). 

Nigeria stimulated a sum of $4.51 billion as capital inflows in the 9-months period of 2021, representing a 48% decline compared to $4.61 billion recorded in the corresponding period of 2020.

When compared to the pre-pandemic era, capital importation got deducted by 78% compared to $20.19 billion recorded in the same period of 2019. 

Meanwhile, the majority of the funding came into the country through the United Kingdom and South Africa, both jointly accounting for 64.9% of the total funds.

Nigeria received $2.16 billion from the United Kingdom in the review period, which accounted for 47.9% of the total inflows. 

Similarly, fellow African country and the second-largest economy on the continent, South Africa, which plays host to a number of large corporations operating in Nigeria, invested a sum of $768.4 million into Nigeria in the same period. 

Others on the list of country sources include; USA ($357 million), Singapore ($241 million), UAE ($227 million), and The Netherlands with $182 million. 

About Author

Boluwatife Oshadiya Lagos, Nigeria
Boluwatife Oshadiya is a graduate of Mass communication with a passion for content creation and digital marketing. He aspires to become a very well known and respected member of his field of study and can be reached via [email protected]

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