Ike Amos
Abuja — The Nigerian oil and gas industry recorded foreign investment inflow of $47.27 million in the first six months of 2019, January to June, according to data released by the National Bureau of Statistics (NBS).
The NBS’ Nigerian Capital Importation Report for the Second Quarter of 2019 revealed that the amount of capital imported into the oil and gas industry between January to June 2019 was 57.21 per cent lower than $110.47 million inflow recorded in the same period in 2018.
Specifically, the report noted that $17.22 million foreign investment inflow was recorded in the first quarter of 2019, while $30.05 million inflow was recorded in the second quarter of 2019.
However, the NBS report stated that foreign capital inflow recorded in the first six months of 2019 represented an improvement of 105.16 per cent compared to $23.04 million recorded in the last six months of 2018, between July and December 2018.
Generally, the report noted that the total value of capital importation into Nigeria stood at $5.820 billion in the second quarter of 2019, representing a decline of 31.41 per cent compared to first quarter 2019 and an improvement of 5.56 per cent compared to the second quarter of 2018.
The report noted that the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76 per cent ($4.293 billion) of total capital importation, followed by other investment, which accounted for 22.41 per cent ($1.304 billion) of total capital imported and Foreign Direct Investment, FDI, which accounted for 3.83 per cent ($222.89 million) of total capital imported in second quarter 2019.
The report added that capital importation by the banking sector dominated in second quarter 2019, reaching $1.893 billion of the total capital importation in second quarter 2019.
The NBS report stated that, “The United Kingdom emerged as the top source of capital investment in Nigeria in second quarter 2019, with $3.134 billion. This accounted for 53.85 per cent of the total capital inflow in second quarter 2019.
“By Destination of Investment, Lagos state emerged the top destination of capital investment in Nigeria in second quarter 2019, with $4.138 billion. This accounted for 71.09 per cent of the total capital inflow in second quarter 2019.
“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in second quarter 2019 with $1.766 billion. This accounted for 30.34 per cent of the total capital inflow in second quarter 2019.”