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Nigeria’s FDI rises by 5.97% to $261.35 million
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The total value of capital importation into Nigeria in Q2 2018 stood at $5.5 billion, down by 12.53 percent from the preceding quarter.
The Nigerian Capital Importation report for the second quarter of 2018 released by the National Bureau of Statistics (NBS) on Tuesday shows that foreign direct investment (FDI) into Nigeria grew by 5.97 percent to $261.35 million, compared to the $246.62 million recorded in the first quarter of the year.
On a year-on-year basis, however, the FDI fell by 4.75 percent. According to the NBS report, FDI represented only 4.7 percent of the total capital imported in the second quarter of 2018.
The total value of capital importation into Nigeria in Q2 2018 stood at $5.5 billion, representing a 12.53 percent decrease compared to the $6.3 billion reported in Q1. But compared to a similar quarter of last year, the total capital importation increased by 207.62 percent.
The decline in the value of capital importation, according to the NBS, is due to a reduction in portfolio and other investments which declined by 9.76 percent and 24.07 percent, respectively, during the period under review.
Despite the decline, portfolio investments still accounted for the largest amount of capital importation with $4.1 billion, representing 74.7 percent of total capital importation. Other investments accounted for 20.5 percent or the equivalent of $1.1 billion of the total capital importation.
The NBS stated that a total of $1.4 billion was directly invested in different economic sectors, representing a 43.36 percent decrease from the $2.5 billion recorded in the previous quarter.
The service sector received the lion share of the inflow with $479.85 million, followed by the banking sector with $294.96 million.
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