Nigeria’s economy attracted $12.2b investment in 2017 – NBS

Reports from the National Bureau of Statistics (NBS) revealed that as at the end of 2017, the economy attracted a total capital inflow of $12.2 billion. The Bureau disclosed this in its “Nigerian Capital Importation (Q4 & Full year 2017) report which was released, on Thursday, in Abuja. According to NBS, the figure represented an increase of $7.1 million or 138.7 percent from the figure recorded in 2016.

It stated: “The growth in Capital Importation in 2017 was mainly driven by an increase in Portfolio Investment, which went up by $5,516.2 million from the previous year to reach $7,329.1 million in 2017, and accounting for 60% of capital imported. NBS report in terms of importation by country, showed that the United Kingdom contributed to most capital inflow, which accounted for $1,609.9. million or 30 percent of the total of capital inflow in the fourth quarter of 2017. “The next two largest investors in the fourth quarter of 2017 were Belgium accounted for 10.2% and Singapore (7.7%).

In terms of importation by state, the bureau revealed that Lagos and Abuja accounted for over 97.2 per cent of the investment inflow into the country. NBS stated: “Abuja attracted the highest amount of foreign capital, accounting for $2,680.3 million or 49.8%. This was an increase of 227.8% from the figure recorded in the third quarter of 2017 ($817.6million). Lagos which has always had the highest share of capital importation, had its share drop from 79.5% of total share in q3 2017, to a share of 47.4% in q4, 2017. Other states including Akwa Ibom, Ogun, Oyo and Delta also attracted foreign capital investments,” stated NBS.

Share this...

Author: see naija

Leave a Reply

Your email address will not be published. Required fields are marked *