Nigeria attracts $908m foreign investment in Q1 – NBS

Nigeria attracts $908m foreign investment in Q1 – NBS

 

The National Bureau of Statistics (NBS) said the total value of capital imported (foreign investment) into the country in first quarter of 2017 was estimated at 908.27 million dollars.
The NBS stated this in “ Nigerian Capital Importation for first Quarter of 2017’’ released on Wednesday in Abuja.
“Although this was an increase of 27.75 per cent relative to the same quarter of 2016, it was nevertheless 41.36 per cent smaller than the value of capital imported in the previous quarter, and was the second lowest value recorded since 2007.’’
It stated that there was a high-profile sale of bonds (denoted in a non-local currency) during the quarter, but this had not yet appeared in the data.

“There is a lag between subscription and actual payment, and therefore it is possible that this will show up next quarter.
“Capital importation was particularly low in January, at 187.90 million dollars.
“This was only the fourth month since 2007 in which capital importation was less than 200 million dollars.’’

The bureau stated that the main driver of the quarterly decline was a fall in Other Investment, although Foreign Direct Investment (FDI) also contributed.
It stated that Portfolio Investment was the only category that recorded an increase relative to the previous quarter.
“The fall in FDI comes after four consecutive quarters of increase, and the fall in Other Investment follows three consecutive quarters of increase.
“However, the data is volatile and therefore, the dip in first quarter may not be sustained.
“Nearly all of the quarterly fall resulted from declines in capital imported into the Telecommunications, and Oil and Gas sectors which recorded unusually high values in the previous quarter,’’ it stated.
According to the bureau, Capital Importation can be divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various subcategories.

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