The total value of capital importation into Nigeria declined 74% YoY to settle at $1,461.49m in the third quarter of 2020.
By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1,208.74m. This accounted for 82.71% of the total capital inflow in Q3 2020, according to the data released by the National Bureau of Statistics (NBS).
Capital importation into Nigeria for the period under review went to only 6 states and FCT as follows:
- Lagos – $1.209 billion
- Abuja – $195.57 million
- Abia – $56.07 million
- Niger – $510,000
- Ogun – $290,000
- Kano – $250,000
- Kaduna – $50,000
Capital Importation by Country of Origin
In the third quarter of 2020, capital investment came into Nigeria from 38 countries.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. UK accounted for 40.69% of the total capital inflow in Q3 2020.
Capital Importation by Banks in Nigeria
By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04% of the total capital inflow in Q3 2020.
Standard Chartered was followed by Citibank Nigeria Limited with $380.74 million, then by Stanbic IBTC Bank Plc with $279.68 million.
The FUGAZ received funds as follows, with First Bank topping the list.
- First bank – $55.79 million
- Zenith Bank Plc – $51.33 million
- United Bank for Africa Plc (UBA) – $12.00 million
- Access Bank Plc – $10.55 million
- Guaranty Trust Bank Plc lags with $10.55 million.
First City Monument Bank Plc (FCMB) received more funds than UBA, Access Bank, and GTB combined. FCMB received $40.82 million.