Lagos State has emerged the top destination of capital investment in Nigeria with $5,135.49m out of $5,854.38m capital inflow following a Q1 2020 report by the National Bureau of Statistics.
This figure accounted for 87.72 percent of the total capital inflow into the country in Q1 2020.
The Federal Capital Territory, Abuja, came in second place with an inflow of $706.81m. Other states which also recorded foreign inflow of capital investments include Niger with $4.96m, Sokoto with an influx of $2.50m, Kaduna with $1.98m, Ogun with $1.70m, Kano with $0.70m and Akwa Ibom recorded $0.24m.
The report also showed the dominance of the banking sector in Q1 reaching $2,990.21m of the total capital importation in Q1 2020.
The dominance was led by Standard Chartered Bank Nigeria Limited which emerged at the top of capital investment in Nigeria in Q1 2020 with $1,656.60m accounting for 28.30 percent of the total capital inflow in Q1 2020.
The United Kingdom accounting for 49.68 percent of the overall capital inflow in Q1 2020, emerged as the top source of capital investment in Nigeria in Q1 2020 with $2,908.62m followed by South Africa and the United Arab Emirates with $692.63m and $532.89m, respectively.
Data showed portfolio investment raked in the largest amount of capital importation with $4,309.47m which represents 73.61 percent of the overall inflow, with other investments coming in second place with $1,330.65m which is a 22.73 percent.
Foreign Direct Investment accounted for $214.25m representing 3.66 percent of the total Q1 capital importation.