Nigeria attracted a sum of $1.54 billion as capital inflows in the second quarter of 2022, an increase of 75.34% compared to $875.62 million recorded in the corresponding period of 2021. This is, however, 2.4% lower than the $1.57 billion received in the preceding quarter.
This is according to the recently released capital importation report by the National Bureau of Statistics (NBS).
The breakdown of the report showed that the largest amount was received through portfolio investment at $757.32 million, which accounted for 49.33% of the total inflows, followed by other investments with $630.87 million, representing 41.09%, while foreign direct investment accounted for 9.58% ($147.16 million).
Foreign direct investment (FDI) into Nigeria increased by 82.3% year-on-year from $77.97 million recorded in Q2 2021 to $147.16 million in the review quarter. On the flip side, it declined marginally by 8.26% from the previous quarter ($154.97 million).
In the same manner, foreign portfolio investments (FPI) recorded a 37.4% year-on-year increase to $757.32 million in Q2 2022 but declined by 20.9% on a quarter-on-quarter basis from $957.58 million recorded in the preceding quarter.
Other investments, which include trade credits, loans, currency deposits, and other claims stood at $630.87 million in the review period, a 156.2% year-on-year increase from $246.3 million recorded in the corresponding period of 2021,
Foreign inflows into Nigeria have remained low post-covid, attracting a total of $6.7 billion in foreign capital in 2021, as against $9.66 billion and $23.99 billion recorded in 2020 and 2019 respectively. Cumulatively, a total of $3.11 billion has been recorded as imported capital in the first half of the year.
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