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HomeTop NewsNigeria's Foreign Capital Inflow Jumps 216 % To $8.5 Bln In Q1...

Nigeria’s Foreign Capital Inflow Jumps 216 % To $8.5 Bln In Q1 2019

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Total Foreign Investment inflow into Nigeria jumped 216 percent year-on-year to $8.48 billion in the first three months of the year, the National Bureau of Statistics (NBS) said on Tuesday.

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NBS said capital importation to Africa’s biggest economy rose 34.61 percent over the first quarter’s of last year.
However, the NBS figures contrast sharply with the figure released by the Central Bank of Nigeria (CBN) last month.
The CBN said, “total capital flows to Nigeria, from January to May 2019 stood at $14.2 billion of which Foreign Direct Investment (FDI) accounted for $2.87 billion, representing 20.18 percent of the total amount.”
Going by the CBN figure, foreign investment inflows into the country between April and May stood at around $5.72 billion.
“The country continues to enjoy steady capital flows due to the prevailing stable macroeconomic environment and sustained investors’ confidence in the economy,” the regulatory bank had said in the statement on June 17.
NBS in its report on capital importation to Nigeria said the largest amount of capital importation by type to the country was received through Portfolio investment, which accounted for 84.21 percent $7.14 billion of total inflows in the period.
The report said FDI accounted for 2.86 percent or $243.36 million of total capital imported in the first three months of 2019.
Other Investment, the statistics office said accounted for $1.-9 billion, representing 12.91 percent of total capital inflows in the first quarter of the year.
NBS said a total of 3.61 billion capital was imported through Stanbic IBTC Bank Plc into the country in the period under review, making the lender emerged at the top of capital investment in Nigeria in the first quarter of the year.

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