The total value of foreign investment or capital importation into Nigeria dropped on a quarter-on-quarter basis by 28.1 per cent to $1.6 billion in the first quarter of (Q1) of 2022.
The National Bureau of Statistics (NBS) disclosed this in its capital importation report, released on Thursday.
According to the data when analyzed on a year-on-year basis, capital importation dropped by 17.5 percent from $1.9 billion recorded in Q1 2021
“The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.9 percent ($957.6 million). This was followed by Other Investment with 29. 3 percent ($460.6 million) and Foreign Direct Investment accounted for 9.9 percent ($154.9 million) of total capital imported in Q1 2022,” the report stated.
The report also highlighted that in terms of Sectors, capital importation into banking had the highest inflow of $818.8 million amounting to 52.1 percent of total capital imported in the first quarter of 2022.
This was followed by capital imported into the production sector, valued at $223.7 million (14.2 percent) and the financing sector with $199.37 million (12.7 percent).
Read also :Nigeria ranks third on Africa’s best foreign investment market, scored low in forex control
In terms of country of origin, the United Kingdom ranked top as the source of capital imported into Nigeria in Q1 2022 with a value of $1.021.2 million, accounting for 64.9 percent.
This was followed by the Republic of South Africa and the United States of America valued at $117.5 million (7.5 percent) and $82.1million (5.2 percent) respectively.
In terms of investment by destination only Abuja, Akwa Ibom, Katsina Lagos, Oyo, and Plateau recorded investments.
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Source: Ripples Nigeria.