Diaspora Nigerians remit $60.22bn in three years

Capital importation into Nigeria fell by 31 percent to to $6.7 billion in 202, from $9.68 billion in 2020, according Capital Importation Report for Fourth Quarter of 2021 (Q4’21) released by the National Bureau of Statistics (NBS) on Wednesday.

The report shows that the three components of capital importation recorded a decline in 2021.

Portfolio Investment suffered the largest decline of 34 per cent, falling to $3.39 billion in 2021 from $5.14 billion in 2020. Foreign Direct Investment, FDI, followed with a 31 per cent decline to $699 million in 2021 from $1.02 billion in 2020. Similarly, the third category identified as ‘Other Investment’ fell by 25 per cent to $2.26 billion in 2021 from $3.51 billion in 2020.

However, the NBS report shows an upward trend in Capital Importation in the fourth quarter of 2021, Q4’21.

Capital Importation rose by 26.35 per cent, quarter-on-quarter, QoQ, to $2.187 billion in Q4,21 from $1.73 billion in Q3’21.

On YoY basis Capital Importation rose by 109.28 per cent in Q4’21 from $1.069 billion in Q4’20.

The NBS stated: “The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.17 billion from $1.73 billion in the preceding quarter showing an increase of 26.35%.

“When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.04 billion Q4’20.

“The largest amount of capital importation by type was received through other investment, which accounted for 54.24% ($1.18 billion). This was followed by Portfolio Investment with 29.39% ($642.87 million) and Foreign Direct Investment (FDI) amounted to 16.38% ($358.23 million) of total capital imported in Q4 2021.

“Disaggregated by Sectors, capital importation into tanning had the highest inflow of $645.59 million amounting to 29.51% of total capital imported in the fourth quarter of 2021. This was followed by capital imported into the Production sector, valued at $360.06 million (16.46%) and the Electricals sector with $325.55 million (14.88%).

“Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45 million, accounting for 27.95%. This was followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.67%) and $285.83 million (13.07%) respectively.

“By Destination of Investment, Lagos state remained the top destination in Q4 2021 with $1.98 billion accounting for 90.66% of total capital investment in Nigeria. This was followed by investment into Abuja (FCT), valued at $170.55 million (7.80%).

“Categorization of total capital investment by Bank shows that Eco Bank Plc ranked highest in Q4 2021 with $708.58 million (32.39%) . This was followed by Stanbic IBTC Bank with $453.82 million (20.74%) and Union Bank of Nigeria Plc with 284.60 (13.01%).”


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