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Lagos attracts 91% as capital importation rises by 6% in Q4’21

Clara Nwachukwu

Lagos State again led the pack for investment destinations, as Nigeria’s capital importation in the fourth quarter (Q4) of 2021 rose to $2.19 billion according to the Nigerian Capital Importation Report released by the National Bureau of Statistics (NBS).

The value represents a 26.35% increase over the $1.73 billion recorded $1.73 billion recorded in Q3, and a 109.28% hike year-on-year.

To get the lion share, Lagos attracted about $1.98 billion (90.66%) of the total capital importation, while the Federal Capital Territory (FCT) Abuja, came a very far second with $170.55 million (7.80%).   

In a further breakdown, the NBS said: “When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05 billion. The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19 billion).

“This was followed by Portfolio Investment with 29.39 per cent ($642.87 million) and Foreign Direct Investment amounted to 16.38 per cent ($358.23 million) of total capital imported in Q4 2021.”

All the FDI were equity investments, and represents a 32.73% decline over Q3, but a 110.55% rise year-on-year.

The Report also indicated that Foreign Direct Investment (FDI) attracted $358.23 million (16.38%) of the total capital imported during the period in review. All the FDI were equity investments, and represents a 32.73% decline over Q3, but a 110.55% rise year-on-year.

By sectors, the NBS informed that Tanning the highest inflow of $645.59 million (29.51%) of total capital imported in Q4’21, followed by the Production sector $360.06 million (16.46%), and the Electricals sector with $325.55 million (14.88%).

According to the Report, “Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in Q4 of 2021 with a value of $611.45 million, accounting for 27.95 per cent.

“This was followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.67 per cent) and $285.83 million (13.07 per cent) respectively.

Under the category by banks, NBS said: “Categorisation of total capital investment by the bank shows that Eco Bank Plc ranked highest in Q4 2021 with $708.58 million (32.39 per cent).

“This was followed by Stanbic IBTC Bank with $453.82 million (20.74 per cent) and Union Bank of Nigeria Plc with 284.60 million (13.01 per cent).”

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