Business
Nigeria’s Capital Importation Grows by 54% In First Quarter Of 2020
The value of capital importation into the country grew quarter on quarter by fifty-four percent to $5.9 billion in the first quarter of the year.
This is according to the report by the National Bureau of Statistics (NBS) in its first quarterly report Capital Importation Report.
The bureau noted that year-on-year (YoY) capital importation into the country declined by 31.2 percent when compared with $8.5 billion recorded in Q1’19.
Naija News learnt that the report, the largest amount of capital importation by type was received through portfolio investment ($4.3 billion).
On classification by sector, capital importation by banking dominated with Standard Chartered Bank Nigeria Limited leading capital investment in Nigeria with $1.7 billion inflow in Q1’20.
Here is the statistician general’s tweet on the report below.
Q1 2020 Capital Importation report published @ https://t.co/wtyDA7ZI3G: Capital imported rose 53% Quarter on Quarter but declined 31% Year on Year to $5.85bn from $3.80bn in Q4 2019 & $8.50bn in Q1 2019. pic.twitter.com/dcsTcJjaLT
— Dr Yemi Kale (@sgyemikale) May 26, 2020
