By John Ofikhenua, Abuja

The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021.

This represents a decrease of -54.06% compared to Q1 2021 and -32.38% decrease compared to the second quarter of 2020.

The National Bureau of Statistics (NBS) made this known in its document titled “Nigerian Capital Importation – Q1 & Q2 202.”

The data added: “By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06m. This accounted for 89.09% of the total capital inflow in Q2 2021.”

The document noted the largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97% ($551.37m) of total capital importation, followed by Other Investment, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021.

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According to NBS, the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m.

This accounted for 35.43% of the total capital inflow in Q2 2021, it said.

By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21m. This accounted for 35.43% of the total capital inflow in Q2 2021.

By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51m of the total capital importation in Q2 2021.

On total capital importation, the report said: “The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1,905.89m in the first quarter of 2021. This represents a decrease of -54.06% compared to Q1 2021 and -32.38% decrease compared to the second quarter of 2020.”