The National Bureau of Statistics on Thursday released the capital importation report for the 2017 fiscal year, which indicated that the economy attracted a total investment inflow of $12.2bn.
The $12.2bn investment inflow, when compared with the $5.38bn in 2016, represents an increase of 138 per cent.
The report put the investment inflow into the country as of the end of the fourth quarter of 2017 at $5.32bn compared to $4.14bn in the third quarter.
It stated that the growth in capital importation in 2017 was mainly driven by an increase in portfolio investments, which went up by $5.51bn from the previous year to reach $7.32bn last year.
The NBS report stated that during the fourth quarter of 2017, Abuja and Lagos accounted for over 97 per cent of investment inflows into the country.
The NBS report explained that portfolio investments recorded the highest share of investment inflows in the fourth quarter, accounting for 64 per cent of the total investments.
This was followed by other investments, with 28 per cent; while Foreign Direct Investments accounted for seven per cent of the total inflows.
The report read in part, “The total capital imported in the fourth quarter of 2017 was $5.38bn; this was an annual growth of 247.5 per cent and quarterly growth of 29.9 per cent.
“As of the end of 2017, the total capital imported into Nigeria was $12.2bn, an increase of $7.1bn or 138.7 per cent from the figure recorded in 2016.
“The growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.51bn from the previous year to reach $7.32bn in 2017, and accounting for 60 per cent of capital imported.
“During the reference quarter, the total capital imported, when compared to the previous quarter, increased by $1.23bn.”
The report added that the United States, United Kingdom and Belgium accounted for the largest inflow of investments into Nigeria.
It stated, “The country from which Nigeria imported the most capital from was the United Kingdom, which accounted for $1.6bn, or 30 per cent of the total capital inflow in Q4 2017. This value was a decline of 7.3 per cent relative to the figure in the previous quarter, and a 233.4 per cent growth over the corresponding period of last year.
“Since 2010, the UK has accounted for the highest value of capital importation in all but two quarters, both in the second half of 2015. The country accounting for the second largest value of capital importation was the United States. The US accounted for $1bn in the fourth quarter of 2017, or 18.6 per cent.”