Nigeria Foreign Capital Shrink By 78% In Q2

By Olamilekan Alani

Foreign capital flows into Nigeria fell by 78 per cent to $1.29bn in the second quarter of this year from $5.85bn in Q1, the National Bureau of Statistics said on Friday.

The NBS, in its capital importation report for Q2 2020, said the total value of capital importation into the country in the period represented a decrease of 77.88 per cent compared to Q1 2020 and 78.60 per cent in Q2 2019.

It said foreign direct investment, which accounted for 11.47 per cent of the total capital imported into the country, fell by 30.65 per cent to $148.59m from $214.25m in Q1 2020.

According to the report, portfolio investment, which accounted for 29.76 per cent, plunged by 91.06 per cent to $385.32m from $4.31bn in Q1.

The statistics office said the largest amount of capital importation by type was received through other investments (58.77 per cent), declining to $761.03m from $1.33bn in Q1.