The inflow of investment into Nigeria declined by $2.66 billion between the second and third quarter of this year, figures released by the National Bureau of Statistics (NBS) have shown.
According to the NBS capital importation report for the third quarter of this year posted on its website on Tuesday, the amount of investment the economy attracted in the third quarter was $2.85 billion, representing a decline of 48.21 per cent over the $5.51bn which the economy attracted during the second quarter of this year.
According to the report, when compared to the third quarter period of 2017, the $2.85bn investment for the economy in the third quarter of this year represents a decline of 31.12 per cent.
The report further puts the overall investment the economy attracted in the first nine months of 2018 at about $14.66 billion.
A breakdown of the $14.66 billion showed that the sum of $6.3 billion was attracted in the first quarter while the second and third quarters each attracted $5.51 billion and $2.85 billion respectively.
“The total value of capital importation into Nigeria stood at $2.85 billion in the third quarter of 2018.
“This was a decrease of 48.21 per cent compared to Q2 2018 and a 31.12 per cent decrease compared to the third quarter of 2017″, the NBS report says.
The NBS further revealed that the largest amount of capital importation by type was received through portfolio investment, which accounted for $1.73 billion or 60.5 per cent of total investment inflows, followed by “other investment”, which accounted for $601.53 million or 21.07 per cent of total investments.
The report also said foreign direct investment followed as it accounted for $530.63 million or 18.58 per cent of total capital imported in the third quarter.
By sector, the report said investment in equity dominated the third quarter of 2018 accounting for $1.67 billion of the total capital inflow in the quarter.
In terms of country of destination, the NBS report revealed that the United States emerged as the top source of capital investment in Nigeria in the third quarter of 2018 with $911.33 million, accounting for 31.91 per cent of the total capital inflow in the third quarter of 2018.