Foreign investment into Nigeria rises to $8.5bn
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Foreign investment into Nigeria rises to $8.5bn

- The total foreign investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of 2019

- The figure represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018

- By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million

The total foreign investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of 2019 (Q1’19), the National Bureau of Statistics (NBS) has disclosed.

The disclosure was made in the NBS’ capital importation report for the first quarter of 2019 which was released on Wednesday morning, July 3, Vanguard reports.

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Legit.ng gathers that 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% ($7,145.98 ) of total capital importation, followed by other investment, which accounted for 12.91% ($1,096.15m) of total capital, and then Foreign Direct Investment, FDI, which accounted for 2.86% ($243.36m) of total capital imported in 2019.

“By sector, capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1 2019.

“The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22 million. This accounted for 53.40% of the total capital inflow in Q1 2019.

“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $4,773.26 million. This accounted for 56.25% of the total capital inflow in Q1 2019.

“By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3,606.09 million. This accounted for 42.50% of the total capital inflow in Q1 2019.”

The figures were also illustrated by infographics posted on Twitter by Dr Yemi Kale.

He tweeted:

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Recall that Legit.ng previously reported that foreign investment inflow to sub-Saharan Africa rose 13% in 2018 to $32 billion, reversing two years of decline, according to a United Nations “World Investment Report”.

The report stated that development of new mining and oil projects, a new US development-finance institution and the ratification of an agreement to create a continent-wide free-trade area could further boost foreign direct investment (FDI) in 2019.

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Source: Legit

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