The latest report by the National Bureau of Statistics (NBS) revealed that Lagos State with two other states imported the highest capital into Nigeria in the second quarter of 2017.
According to the report, the total value of capital imported into Nigeria in Q2 of 2017 was estimated to be $1,792.3 million, which represent a 95.02% increase from $908.2 million recorded in Q1 2017.
While on year on year, this was an increase of 43.6% from the $1.042.2 recorded in Q2 of 2016. The report also shows that the month of May recorded the highest of amount of capital importation ($616.5 million).
It noted that the main driver of the quarterly growth in capital importation in the second quarter was portfolio investments, which increased by 145.7%, followed by other investments, which grew by 95.02%, and Foreign Direct Investment (FDI), which increased by 29.8% over the previous quarter.
Lagos is the commercial and financial capital of Nigeria, and home to Nigeria’s Stock Exchange where shares are traded; as such attracts influx of capital into the country.
In the second quarter of 2017 Lagos accounted for 97.07% ($1,739.79 million) of capital importation, which represents a slight increase in its share relative to the previous quarter, when it was 95.32%.
Akwa Ibom recorded the second highest level of capital importation, accounting for 1.92% ($34.08 million) of the total share and an increase of 85.6% over the amount it recorded in the previous quarter.
Abuja recorded the third highest amount, with a share of 0.93% ($16.64 million) of the total, followed by Oyo state with a share of 0.1% ($1.83 million)