Lagos leads as FDI hits N714bn in Q3 2021
Foreign Direct Investment (FDI) into Nigeria at the third quarter of 2021 has risen to N714bn ($1.731bn), an 18.47 per cent increase when compared to the same period of 2020, with Lagos attracting 85 per cent of investment, a report by the National Bureau of Statistics (NBS) has shown. The figure indicated that the economy […]
Foreign Direct Investment (FDI) into Nigeria at the third quarter of 2021 has risen to N714bn ($1.731bn), an 18.47 per cent increase when compared to the same period of 2020, with Lagos attracting 85 per cent of investment, a report by the National Bureau of Statistics (NBS) has shown.
The figure indicated that the economy is recovering as the preceding quarter of 2021 generated just N361bn ($875.62m) while the corresponding year (2020) recorded N603bn ($1,461bn).
The report disclosed that investment into Lagos State was N611bn followed by Abuja (FCT) valued at N102bn ($249.19 million) (14.39%), Anambra (0.44)%, Kano (0.15%) and Abia (0.1%).
It stated that the largest amount of capital importation by type was received through portfolio investment, which accounted for N502bn 70.30% of total capital importation.
“This was followed by Other Investment which accounted for 23.47% ($406.35million) and Foreign Direct Investment (FDI) amounted to 6.23% ($107.81million) of total capital imported in Q3 2021.”
“By Sectors, capital importation into financing had the highest inflow of $469.17 million amounting to 27.10% of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the Banking Sector valued at $460.39 million (26.59%) and Production sector $323.83 million (18.70%)”
It added that capital importation by country of origin revealed that the United Kingdom ranked top as source of capital imported into Nigeria with a value of $709.8 million accounting for 40.99% of total capital imported in the period under review was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.50%) and $257.12 million (14.85%) respectively.
“By Bank, Stanbic IBTC Bank Plc ranked highest in Q3 2021 with $537.92 million (31.07%) of total capital investment in Nigeria. This was followed by Standard Chartered Bank (18.83%) and Citibank Nigeria Limited (14.34%).”