Nigeria recorded a princely 12.2 billion dollars capital inflow in 2017, according to the National Bureau of Statistics (NBS).
The NBS made the disclosure in its “Nigeria Capital Importation for Fourth Quarter and Full Year 2017 Report” posted on its website.
According to the report, the inflow represents an increase of 7,104.4 million dollars or 138.7 per cent, compared with the figure recorded in 2016.
The report said that the capital inflow in the fourth quarter of 2017 was 5.32 billion dollars, compared with the 4.14 billion dollars recorded in the third quarter of 2017 and 1.54 billion dollars recorded in the fourth quarter of 2016.
It stated, however, that the growth in capital inflow in 2017 was mainly driven by an increase in portfolio investments.
The report explained that the capital inflow was divided into three main investment types.
It identified the investment types as Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various sub-categories.
The report said that portfolio investment went up by 5,516.2 million dollars from the previous year to reach 7,329.1 million dollars in 2017, accounting for 60 per cent of total capital inflow.
It stated that portfolio investment, which recorded 3,477.5 million dollars in the fourth quarter of 2017, remained the largest component of the capital inflow and contributed 64.6 per cent of the total amount, standing at 5,382.86 dollars.
During the quarter, the report stated that FDI hit 378.4 million dollars for the first time since the fourth quarter of 2015 when it reported 123.2 million dollars.
The report said that figure in the quarter under review showed a substantial increase of 221.8 per cent when compared with the third quarter and a 9.8 per cent increase compared with the fourth quarter of 2017.
The report noted that growth in FDI was mainly driven by equity investments, which contributed 99.8 per cent, while other capital investments contributed 0.2 per cent.
It said that other investments accounted for 28.4 per cent of total capital importation in the fourth quarter of 2017. (NAN)