Foreign direct investment into Nigeria fell by $331.2m to $698.78m in 2021, from the $1.03bn recorded in 2020, figures from National Bureau of Statistics have revealed.
The NBS report according to punch, titled ‘Nigerian capital importation Q4’, showed that equities investment of the FDI totaled $692.58m, while other capital was put at $6.2m.
Nigeria recorded $154.6m, $77.97m, $107.81m and $ $358.23m FDIs during the first, second, third and fourth quarters of 2021, respectively.
The report revealed that portfolio investment in the country also fell by $1.75m to $3.39bn in 2021 from $5.14bn recorded in 2020.
It also showed that “Other Investments’ fell by $890m from $3.51tn in 2020 to $2.62tn in 2021.
The NBS report said the total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19bn from $1.73bn in the preceding quarter, indicating an increase of 26.35 per cent.
When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05bn.
The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19bn).
This was followed by portfolio investment with 29.39 per cent ($642.87m) and the FDI amounted to 16.38 per cent ($358.23m) of the total capital imported in Q4 2021.
Disaggregated by sectors, capital importation into tanning had the highest inflow of $645.59m amounting to 29.51 per cent of the total capital imported in the fourth quarter of 2021.
This was followed by capital imported into the production sector, valued at $360.06m (16.46 per cent) and the electrical sector with $325.55m (14.88 per cent).
Capital importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45m, accounting for 27.95 per cent.
This was followed by the United States of America and the Republic of South Africa valued at $321.03m (14.67 per cent) and $285.83m (13.07 per cent), respectively.
By destination of investment, Lagos State remained the top destination in Q4 2021 with $1.98bn, accounting for 90.66 per cent of the total capital investment in Nigeria.
This was followed by investment into Abuja valued at $170.55m (7.80 per cent).
Categorisation of total capital investment by bank showed that Eco Bank Plc ranked highest in Q4 2021 with $708.58m (32.39 per cent).
This was followed by Stanbic IBTC Bank with $453.82m (20.74 per cent) and Union Bank of Nigeria Plc with $284.60m (13.01 per cent).
