Ike Amos
Abuja — A significant improvement was recorded in foreign investments in the Nigerian oil and gas industry, as foreign capital importation into the sector appreciated by 28.65 per cent to $38.66 million in the third quarter of 2019, according to data released by the National Bureau of Statistics (NBS).
This, according to the NBS, in its Nigerian Capital Importation Report for the Third Quarter of 2019, was in comparison to the $30.05 million imported into the sector in the second quarter of 2019.
In addition, the NBS disclosed that capital imported into the petroleum industry in the third quarter accounted for 0.72 per cent of total capital imported into the country across all sectors in the period under review.
In addition, the report noted that the value of capital imported into the oil and gas industry in the third quarter of 2019 was 400.13 per cent higher than the $38.66 million capital imported into the sector in the third quarter of 2018.
The value of capital imported in the petroleum industry in the third quarter of 2019, was the highest recorded since the first quarter of 2018 when $85.62 million was imported into the sector.
In general, the NBS stated that the total value of capital imported into Nigeria stood at $5.368 billion in the third quarter of 2019, representing a decline of 7.78 per cent compared to second quarter of 2019 and a 87.99 per cent increase compared to the third quarter of 2018.
It added that the, “The largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88 per cent, ($2999.50m) of total capital importation, followed by Other Investment, which accounted for 40.39 per cent ($2.167.98 million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73 per cent ($200.08 million) of total capital imported in third quarter 2019.
“By sector, capital importation by banking dominated in the third quarter of 2019, reaching $1.757 billion of the total capital importation in third quarter 2019.
“The United Kingdom emerged as the top source of capital investment in Nigeria in third quarter 2019 with $2.011 billion. This accounted for 37.47 per cent of the total capital inflow in third quarter 2019.”
By destination of investment, the report noted that, “Lagos state emerged as the top destination of capital investment in Nigeria in third quarter 2019 with $4.976 billion. This accounted for 92.71% of the total capital inflow in third quarter 2019.
“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in third quarter 2019 with $1.63 billion. This accounted for 30.38 per cent of the total capital inflow in third quarter 2019.”
