Foreign funds invested into the Nigerian economy in the second quarter (Q2) of 2022 have increased to $1.535 billion (N632.8bn) from the $875 million in the second quarter of 2021, a report by the National Bureau of Statistics (NBS) has revealed.
According to the report, the figure is an increase of 75.34 per cent, but when compared to Q1 2022, it decreased by 2.40% from $1.573.14m.
NBS, in the document, states that the largest amount of capital received was through portfolio investment, which accounted for 49.33% ($757.32m). This was followed by Other Investment with 41.09% ($630.87m) and Foreign Direct Investment (FDI) accounted for 9.58% ($147.16m) of total capital imported in Q2 2022.
According to the sector performance, capital importation into banking had the highest inflow of $646.36m, amounting to 42.10% of the total capital import.
Capital imported into the production sector was next at $233.99m (15.24%), and the financing sector followed with $197.31m (12.85%).
The report also said by country of origin, funds from the United Kingdom ranked top at $781.05m, accounting for 50.87%, followed by Singapore and the Republic of South Africa at $138.58m (9.03%) and $122.26m (7.96%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q2 2022 with $1,054.18m, accounting for 68.66% of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $453.95m (29.57%).