By Chinelo Obogo
The total value of capital importation into Nigeria in Q1 2022 stood at US$1,573.14 million from US$2,187.63 million in the preceding quarter, the National Bureau of Statistics has said.
In a newly released data on Thursday, NBS said the figure shows a decrease of 28.09% compared to last year. When compared to the corresponding quarter of 2021, capital importation decreased by 17.46% from US$1,905.89 million.
The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87% ($957.58 million). This was followed by Other Investment with 29.28% (US$460.59 million) and Foreign Direct Investment (FDI) accounted for 9.85% ($154.97 million) of total capital imported in Q1 2022.
Disaggregated by Sectors, capital importation into banking had the highest inflow of US$818.84 million amounting for 52.05% of total capital imported in the first quarter of 2022. This was followed by capital imported into the production sector, valued at US$223.67 million (14.22%) and the financing sector with US$199.37 million (12.67%) Capital Importation by Country of Origin reveals that United Kingdom ranked top as the source of capital imported into Nigeria in the first quarter of 2022 with a value of US$1.021.21 million, accounting for 64.92%. This was followed by the Republic of South Africa and the United States of America valued at US$117.50 million (7.47%) and US$82.07 million (5.22%) respectively.