The National Bureau of Statistics (NBS), on Friday released the country’s data showing that Q1 capital importation level rose 594% to $6.3bn, compared to the level in the corresponding period of 2017.
The March end figure, which was driven by portfolio investments, accounting for 72.4% of total, also represented a 17.11% rise above that of 2017Q4.
A further breakdown of the figure showed that portfolio investment stood at N4.565bn; the bulk of which was the $3.527bn inflow into money market instruments; $701.61m in equity investment; and $335.88m in bonds.
Foreign direct investment stood at $246.62m, with equity investment at $246.61m; and other capital at $0.005m; while other investment stood at $1.491bn, boosted by loans of $1.268bn; followed from afar by other claims amounting to $223.49m. There were no inflows in the form of currency deposits and trade credits during the period under review.
Broken down into country of origin, the bulk of Q1 capital importation flowed from the UK with $2.252bn; followed by $1.259bn from the U.S; $493.22m came from the Republic of South Africa; $380.14m from Ghana; and $369.54 from Mauritania. Also on the top-10 countries of origin were Belgium, $319.5m; Singapore, $242.96m; Cayman Islands, $214.87m; United Arab Emirate, $185.06m; and Netherlands, $103.57m.
The least inflow came from Israel, $0.01m; Bermuda, $0.09m; while Norway and Kenya recorded $0.12m each; while Turkey recorded $0.13m; Italy, $0.15m; and $0.20m from Anguilla; among others. Others were India, $0.42m; Botswana, $0.5m; and Canada, $0.6m.
By destination of investment in the 2018Q1, the Federal Capital Territory (FCT), Abuja attracted $3.544bn or 56.23% ; with $1.623bn flowing into the country in January; followed by $1.138bn in March; and $782.211m in February.
Lagos attracted a total of $2.666bn or 42.31% in the 2018Q1 of which $948.195m was recorded in January; followed by $836.432m; and $882.216m in February and March respectively.
Akwa Ibom recorded $43.622m or 0.69% for the period under review; while Ogun followed with $24.812m, or 0.39% of total for the period.
Capital importation by sector showed that $3.792bn flowed into investment in shares; while banking got $1.18bn; financing, $48541m; servicing, $328.15m; production, $144.09m; and agriculture, $130.9m;as well as oil and gas, $85.62m; among others.