By Tony Obiechina, Abuja
The Nigerian economy attracted a total investment inflows of $6.7bn in the 2021 fiscal period, with Lagos State getting a huge chunk of the amount from investors.
The National Bureau of Statistics (NBS) disclosed this in its Capital Importation Report released on Thursday.
A breakdown of the investment inflows showed that the economy attracted $1.91bn in the first quarter of last year.
However, the inflow from investors declined in the second quarter to $875.62m before rising again to $1.73bn in the third quarter of last year.
The upward trend in investment inflow continued in the fourth quarter of last year with about $2.18bn. The rise in foreign exchange in the fourth quarter represents an increase of $456m or 26.35 per cent.
When compared to the corresponding quarter of 2020, the investments made in the economy increased by 109.28 per cent from $1.04bn.
The largest amount of investment inflows by type was received through ‘Other Investment,’ which accounted for 54.24 per cent ($1.18bn).
This was followed by Portfolio Investment with 29.39 per cent ($642.87m) while Foreign Direct Investment amounted to 16.38 per cent ($358.23m) of total capital imported in the fourth quarter of 2021.
Disaggregated by sectors, the Report stated that capital importation into tanning had the highest inflow of $645.59m amounting to 29.51 per cent of total capital imported in the fourth quarter of 2021.
This was followed by capital imported into the production sector, valued at $360.06m (16.46 per cent) and the electricals sector with $325.55m (14.88 per cent).
The Report further revealed that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45m, accounting for 27.95 per cent.
This was followed by the United States of America and the Republic of South Africa valued at $321.03m (14.67%)
