BREAKING: Nigeria received $1.29 billion capital inflows in Q2 2020, down by 78.6%

Nigeria received $1.29 billion capital importation (inflows) in the second quarter (Q2) of 2020, representing a decrease of 77.88% compared to Q1 2020 and 78.60% decrease compared to Q2 2019.

This is according to the latest Nigerian Capital Importation report released by the National Bureau of Statistics (NBS).

The largest amount of capital importation by type was received through other investment, which accounted for 58.77% ($761.03 million) of total capital imported, followed by Portfolio Investment, which accounted for 29.76% ($385.32 million), and Foreign Direct Investment (FDI), which accounted for 11.47% ($148.59 million) of total capital imported in the second quarter of 2020.

The United Kingdom emerged as the top source of capital investment to Nigeria in Q2 2020 with $428.83 million. This accounted for 33.12% of the total capital inflow in Q2 2020.

In terms of destination of investment during the period under review, Lagos State took the top spot with $1.13 billion. This accounted for 87.30% of the total capital inflow in Q2 2020