The value of total foreign investments into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of 2019 (Q1’19). This is contained in the National Bureau of Statistics (NBS)

Capital Importation report for Q1’19 released yesterday. The report said: “The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019. This represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018.”

The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 84.21 percent ($7.1 billion) of total capital importation, followed by heading captured as ‘Other Investment’, which accounted for 12.91 percent ($1.1 billion) of total capital, and then Foreign Direct Investment, FDI, which accounted for 2.86 percent ($243.36million) of total capital imported in Q1’19.

By sector, Capital importation by banking dominated Q1’19 reaching $2.9 billion of the total capital importation in Q1’19. The United Kingdom emerged as the top source of capital investment in Nigeria in Q1’19 with $4.5 billion. This accounted for 53.40 percent of the total capital inflow in Q1’19. By Destination of Investment, Lagos state continued to emerge as the top destination of capital investment in Nigeria in Q1’19 with $4.8 billion, accounting for 56.25 percent of the total capital inflow in Q1’19. By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1’19 with $3.6billion, accounting for 42.5 percent of the total capital inflow in Q1’19.”