Investment Inflow Into Nigeria Drops As Elections Approach
Foreign investors are not getting any keener on bringing their investment to Nigeria.
At least, that is what the National Bureau of Statistics’ capital importation report shows.
The NBS on Tuesday released the capital importation report for the second quarter of this year, that is between April and June, and it showed that investment inflows dropped by 12.53% to $5.51 billion from the first quarter.
The bureau, in the report which was posted on its website, said when compared with the investment inflow for the second quarter of 2017, the $5.51 billion represented an increase of 207.62%.
The NBS attributed the decline recorded in the second quarter of this year to a reduction in portfolio and other investments, which declined by 9.76% and 24.07%, respectively.
“The total value of capital importation into Nigeria stood at $5.5 billion in the second quarter of 2018. This was a decrease of 12.53% compared to Q1 2018, but a 207.62% increase compared to the second quarter of 2017.
“The decline recorded in the second quarter was as a result of a decline in portfolio and other investments, which declined by 9.76% and 24.07%, respectively,” the NBS report read in part.
Despite the decline in portfolio investment, the report stated this investment class still accounted for the largest amount of capital imported into the economy during the period.
It noted that the economy received a total portfolio investment of $4.12 billion, adding that this accounted for 74.7% of the total capital importation during the period under review.
Don't forget to share this article with your friends