Lagos — The Nigerian oil and gas industry attracted approximately $12 million in capital importation through to the economy in the fourth quarter of 2020.
Newly released data by the federal statistics office, NBS disclosed that the sum of $11.83million was earned in the quarter under review.
The total value of capital importation into Nigeria stood at $1,069.68m in the fourth quarter of 2020. This represents a decrease of -26.81% compared to Q3 2020 and -71.87% decrease compared to the fourth quarter of 2019.
Similarly, the total value of capital importation in 2020 stood at $9,680.49m, compared to $23,990.05m in 2019, representing a decline of -59.65% between the two periods.
The largest amount of capital importation by type was received through Other investment, which accounted for 73.22% ($783.26m) of total capital importation, followed by Foreign Direct Investment, FDI, which accounted for 23.49% ($251.27m) of total capital imported and Portfolio Investment which accounted for 3.29% ($35.15m) of total capital imported in Q4 2020.
By sector, Capital importation by Shares dominated in Q4 2020 reaching $287.04m of the total capital importation in Q4 2020.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q4 2020 with $236.88m. This accounted for 22.14% of the total capital inflow in Q4 2020.
By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.
By Bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21% of the total capital inflow in Q4 2020.