N1.6tr invested in first half of 2014 – NBS

The Nigerian economy attracted a total investment of $9.71bn (N1.6tr) within the first half of 2014, figures released by the National Bureau of Statistics have revealed.

The bureau in the capital

importation report released on Sunday and made available to our correspondent in Abuja stated that for the first quarter of 2014, the economy attracted the sum of $3.90bn.

For the second quarter of this year, the report put the total investment within the period at $5.80bn.

This, it added, represents an increase of $1.89bn or 48.64 per cent from the $3.90bn recorded in the opening quarter of this year.

The report said, “Capital imported in the second quarter of 2014 was recorded at a value of $5.80bn. It increased by $1.89bn or 48.64 per cent from the $3.90bn recorded in the opening quarter of this year.

“Relative to the $5.61bn recorded in the corresponding quarter of 2013, capital importation a demonstrated positive year on year growth of $186.23m or 3.32 per cent.

“The second quarter value brought the total capital imported through the first half of 2014 to $9.70bn, which was still $2.50bn or 20.54 per cent lower than the $12.21bn recorded for the same period in 2013.

The report said the investments were made from three main sources-foreign direct investment, portfolio investment and other investments.

It said portfolio investment stood at $4.91bn, making up 84.72 per cent of the second quarter, 2014 total.

This was followed by foreign direct investment, which constituted $472.99m, or 8.15 per cent, while the remaining 7.13 per cent or $413.63m was represented by other investments.

It said. “Continuing its increasingly dominant trend, portfolio investments in the second quarter of 2014 was up by $2.04bn or 71.38 per cent relative to the $2.86bn recorded in the preceding quarter, and grew by $429.63m or 9.53 per cent year on year.

“Subsequently, its total share of capital imported increased by 11.24 percentage points from the 73.48 per cent in the preceding quarter to 84.72 per cent.

“The second quarter 2014 share was also 4.84 percentage points greater than the 79.88 per cent it represented in the corresponding quarter of 2013.”

According to business type, the report said the shares continue to attract the most foreign capital into Nigeria representing $3.39bn or 58.52 per cent of total capital imported in the second quarter of 2014.

This was followed by the financial sector with investment of $723.1m or 12.46 per cent for the second quarter.

In terms of destination, the report said that Lagos continues to outstrip other states in its capital receipt, with $5.70bn or 98.34 per cent of the second quarter.

“Lagos experienced year on year growth in capital importation of $149m or 2.68 per cent, while inflows increased by $1.94bn or 51.87 per cent from the preceding quarter,” it added.

The United Kingdom, the report added, continues to provide the greatest source of capital imported into Nigeria, with $3.97bn or 68.46 per cent of the total coming from this country alone in the second quarte

Source-Punch