The total capital imported in the third quarter has hit 4,145 million dollars, which doubled the inflow in the second quarter, representing an increased value of 147.5 per cent on a year-on-year basis.
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.
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 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.