Between the second and third quarters of this year, the total amount of investment inflows into the Nigerian economy declined by $2.66bn, figures released by the National Bureau of Statistics have revealed.
The NBS said this in its capital importation report for the third quarter of this year which was posted on its website on Tuesday. The report put the amount of investment that the economy attracted in the third quarter at $2.85bn noting that this represents a decline of 48.21 per cent over the $5.51bn which the economy attracted during the second quarter of this year.
The report said when compared to the third quarter period of 2017, the $2.85bn investment for the economy in the third quarter of this year represents a decline of 31.12 per cent. Overall, the economy attracted about $14.66bn between the first nine months of this year. A breakdown of the $14.66bn showed that the sum of $6.3bn was attracted in the first quarter while the second and third quarters each attracted $5.51bn and $2.85bn respectively.
The report reads in part, “The total value of capital importation into Nigeria stood at $2.85bn in the third quarter of 2018. “This was a decrease of 48.21 per cent compared to Q2 2018 and a 31.12 per cent decrease compared to the third quarter of 2017.” The report said the largest amount of capital importation by type was received through portfolio investment, which accounted for $1.73bn or 60.5 per cent of total investment inflows.
This was followed by “other investment”, which accounted for $601.53m or 21.07 per cent of total investments. It said foreign direct investment followed as it accounted for $530.63m or 18.58 per cent of total capital imported in the third quarter. By sector, the report said investment in equity dominated the third quarter of 2018 accounting for $1.67bn of the total capital inflow in the quarter.
In terms of country of destination, the NBS report stated that the United States emerged as the top source of capital investment in Nigeria in the third quarter of 2018 with $911.33m. This accounted for 31.91 per cent of the total capital inflow in the third quarter of 2018.