Home Finance & Economy Capital investment into Nigeria declines to $5.36bn in Q3-NBS

Capital investment into Nigeria declines to $5.36bn in Q3-NBS

299
0

Capital investment inflows into Nigeria has declined to $5.36 billion in the third quarter of 2019, from $5.82 billion it stood in the second quarter, National Bureau of Statistics (NBS) has revealed.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88 per cent ($2,999.50m) of total capital importation, followed by Other Investment, which accounted for 40.39 per cent ($2.167.98m) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73 per cent ($200.08m) of total capital imported in Q3 2019,” NBS said in the report.

The NBS, in its latest report, stated that the decline represents a sharp decrease of $460 million from the preceding quarter, which is the lowest amount of capital importation received during the year.

This is followed by Other Investment, which accounted for $2.16billion or 40.39 per cent of total capital, while Foreign Direct Investment accounted for $200.08million or 3.73 per cent of total capital imported in the third quarter of this year.

The report revealed that the third quarter inflow of $5.367billionn represents a decrease of 7.78 per cent when compared to the second-quarter figure of $5.820billion.

Meanwhile, the NBS on Nov. 22 said that the country’s Gross Domestic Product (GDP) grew by 2.28 per cent in the third quarter of 2019.

This is 0.17 percentage points higher than the 2.12 per cent revised GDP growth recorded in the second quarter.

The GDP report showed that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

According to the NBS, the growth rate in Q3 of 2019 represents the second-highest quarterly rate recorded since 2016.

The non-oil sector grew by 1.85 per cent during the third quarter.

Mining and Quarrying sector grew by 5.98 per cent in Q3 2019.

Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03 per cent, followed by coal at 43.68 per cent.

The agricultural sector grew by 14.88 per cent in Q3 2019, showing a decline of -3.44 per cent points from the same quarter of 2018.

LEAVE A REPLY

Please enter your comment!
Please enter your name here