The total value of capital importation into Nigeria has recorded a huge decline from $23.9 billion recorded in 2019 to $9.68 billion in 2020, the lowest in three years.

According to the data released by the National Bureau of Statistics (NBS) on Friday, this is a decline of 59.65 per cent between 2019 and 2020.

Foreign capital flow into the country stood at $16.81bn in 2018, the NBS data showed.

According to the statistics agency in its full-year capital importation report, Nigeria recorded $1.06 billion in the fourth quarter of last year, a 26.81 per cent drop quarter on quarter.

The report shows that the largest amount of capital importation was received through other investments which recorded $783.26 million, followed by foreign direct investment and portfolio investment.

The NBS added that the largest amount of capital importation by type in fourth quarter was received through other investment, which accounted for 783.26 million dollars.

The amount represented 73.22 per cent of total capital importation.

This was closely followed by Foreign Direct Investment (FDI), which accounted for 251.27 million dollars and also represented 23.49 per cent.

Also, portfolio investment which accounted for 35.15 million dollars, represented 3.29 per cent.

By sector, it said shares dominated in the period under review reaching 287.04 million dollars.

The NBS also said that the United Kingdom emerged as the top source of capital investment in Nigeria in fourth quarter 2020 with 236.88 million dollars, accounting for 22.14 of inflow.

This was followed closely by Singapore with 181.11 million dollars and United Arab Emirates (UAE) with 131.34 million dollars.

For full year, the United Kingdom topped the chart with capital importation of 4.16 billion dollars, while UAE imported 899.44 million dollars.

The United Kingdom topped the list of top sources of investment, while Lagos State emerged top destination of capital investment in the review quarter.

“By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.

“By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 per cent of the total capital inflow in Q4 2020,” NBS said.