United Kingdom Lead China 18th as Foreign Investors Brings into Nigeria N714.8bn in Three Months

United Kingdom Lead China 18th as Foreign Investors Brings into Nigeria N714.8bn in Three Months

  • The total foreign investment into the country rose quarter-on-quarter to $1.5 billion in the third quarter of 2021
  • The figure represents an increase of 97.73%% increase compared to the previous quarter and 18.47%% increase compared to the third quarter of 2020
  • By country, United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2021 with $709.8 million

The National Bureau of Statistics has disclosed Nigeria attracted $1.73 billion from foreign investors, companies in the third quarter of last year (Q3’21)

This is a 97 percent improvement from the $875.62 million reported in the second quarter of 2021.

NBS gave the numbers in its released Capital Importation Report for Q3’21 on Thursday, 7 January 2021.

United Kingdom Leads China 20th as Foreigners Brings into Nigeria N714.8bn in 3 Months
34 countries were source of investment in the three months Credit: NBS
Source: Facebook

The Bureau noted that the largest amount of capital importation by type was received through portfolio investment, which accounted for 70.3 percent ($1.21 billion) of total capital importation Vanguard reports.

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This was followed by other investment, which accounted for 23.4 percent ($406.35 million) and Foreign Direct Investment (FDI) amounted to 6.23 percent ($107.81 million) of total capital imported in Q3 2021.”

On capital importation by sector, NBS said:

“Capital importation into financing had the highest inflow of $469.17 million amounting to 27 percent of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the banking sector valued at $460.39 million (26.59%) and the production sector $323.83 million (18.7%)."

Investment by country

NBS in its report also revealed 36 countries brought in their investment into Nigeria.

The United Kingdom ranked top as source in the third quarter of 2021 with a value of $709.8 million, accounting for 40.99 percent of total capital imported in the period under review.

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It said:

“This was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.5%) and $257.12 million (14.85%) respectively.”

Capital importation from China is $3.35 billion and this is the 18th best.

Lagos lead other states on capital importation

Earlier, Legit.ng reported that Lagos remains an investor’s favourite in Nigeria as it topped the list of states that attracted the most investments in 2020.

Lagos outshine other states and the Federal Capital Territory (FCT) attracting $8.31 billion in investments.

On the other hand, for two solid years, 11 out of the 36 states in Nigeria failed to attract foreign investments.

Source: Legit.ng

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