The National Bureau of Statistics (NBS) said this in a report on “Nigerian Capital Importation for third quarter’’ posted on its website on Tuesday.
The bureau stated that capital importation into Nigeria in the third quarter recorded a substantial increase compared to the past few quarters, as the economy continued to recover from recession following its exit in the second quarter.
The total capital imported in the third quarter was recorded at 4,145.1 million dollars, more than double the inflow in the second quarter of this year, representing an increased value of 147.5 per cent on a year on year basis.
According to the report, this inflow of capital in Q3 quarter is the first time since the beginning of 2015 that the capital hit over 4,000 million dollars in a quarter.
The reports noted that the boom in capital importation in Q3 was mainly driven by significant growth in both Portfolio and other Investment.
Capital Importation can be divided into three main investment types: Foreign Direct Investments (FDIs), Portfolio Investment and Other Investments, each comprising various sub-categories.
Meanwhile, the report stated that Portfolio Investment, which was recorded at 2,767.4 million dollars in the third quarter, remained the largest component of capital import.
It said it remained the largest component of capital import and it contributed to 67 per cent of the total amount.
The report stated that the component expanded faster than the other two main categories with a year-on-year growth rate of 200 per cent.
It stated that Foreign Domestic Investments recorded 117.6 million dollars, which fell by 65.5 per cent year –on- year, while other investment increased by 124.55 per cent compared to Q3 of 2016.
It, however, stated that other Investment in the third quarter was more doubled the value in the Q3 of 2016.
The report stated that it doubled the value in the quarter from 516.2 million dollars to 1,260 million dollars, it remained about 30 per cent of the total capital importation