ENUGU, Nigeria (VOICE OF NAIJA) – The National Bureau of Statistics reports on Monday that, the Capital importation into Nigeria rose by 6.78 per cent to $1.13 billion in the first quarter of 2023.
In the first quarter of 2023, the capital moved upward to $1.13 billion from 1.06 billion recorded in fourth quarter of 2022.
A yearly analysis of the figure however, showed that it dropped by 28 per cent, Daily Post reports.
“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 per cent,” the NBS said.
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Only eight of the 36 States and the federal capital territory (FCT) received capital investments in the first quarter of 2023.
With a $704.87 million capital importation, Lagos led as a top destination for foreign investment, followed by FCT ($410.27 million), Akwa Ibom ($ 5.121 million), Adamawa ($4.50 million), Anambra ($4 million), Ogun ($2.09 million), Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).
It was gathered that Capital Importation consists of Foreign Direct Investment, Portfolio investment and other investments.