BREAKING: Nigeria received $1.29 billion capital inflows in Q2 2020, down by 78.6%
- 28th August 2020
- Posted by: Hakeem
- Category: Economics
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.
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