Despite the challenging economic climate in Nigeria, the economy still attracted foreign investment inflow of $12.2 billion in the 2017 fiscal year according to a report by the National Bureau of Statistics on Thursday.
The report read in part, “The total capital imported in the fourth quarter of 2017 was $5.38bn; this was an annual growth of 247.5 per cent and quarterly growth of 29.9 per cent.
“As of the end of 2017, the total capital imported into Nigeria was $12.2bn, an increase of $7.1bn or 138.7 per cent from the figure recorded in 2016.
“The growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.51bn from the previous year to reach $7.32bn in 2017, and accounting for 60 per cent of capital imported.
“During the reference quarter, the total capital imported, when compared to the previous quarter, increased by $1.23bn.”
The report shows that United Kingdom, United States and Belgium accounted for the largest inflow of investments into Nigeria.
“The country from which Nigeria imported the most capital from was the United Kingdom, which accounted for $1.6bn, or 30 per cent of the total capital inflow in Q4 2017. This value was a decline of 7.3 per cent relative to the figure in the previous quarter, and a 233.4 per cent growth over the corresponding period of last year.
“Since 2010, the UK has accounted for the highest value of capital importation in all but two quarters, both in the second half of 2015. The country accounting for the second largest value of capital importation was the United States. The US accounted for $1bn in the fourth quarter of 2017, or 18.6 per cent.”
