Capital importation into Nigeria for 2019 First Quarter over $8.4 million — NBS

Date:

The National Bureau of Statistics (NBS) said the total value of capital importation into Nigeria stood at $8,485 million in the first quarter of 2019.

Thank you for reading this post, don't forget to subscribe!

The bureau said this in its “Nigerian Capital Importation (Q1 2019) Report” for July 2019 published on its website.

Under the Nigerian law, it is required for every foreigner investing in a local business in the country to procure a Certificate of Capital Importation (CCI).

The CCI procured is on the inflow of foreign currency, raw materials or equipment imported into the country, confirming an inflow.

The certificate is issued by a Nigerian bank and in the name of the applicant’s company.

The primary purpose of the CCI is to guarantee access to the official foreign exchange market for repatriations of capital and returns on investment.

The NBS also said in its report that the total value of capital importation represented an increase of 216.03 per cent compared to the fourth quarter of 2018.

It also represented an increase of 34.61 per cent compared to the first quarter of 2018.

The bureau said the largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21 per cent ($7,145.98 million) of total capital importation.

This was followed by Other Investment, which accounted for 12.91 per cent ($1,096.15 million) and Foreign Direct Investments, which accounted for 2.86 per cent ($243.36 million) of total capital imported in 2019.

The report said by sector, capital importation by banking dominated the first quarter of 2019 (Q1 2019), reaching $2,851.07 million the total capital importation in Q1 2019.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22 million, accounting for 53.40 per cent of the total capital inflow in Q1 2019.

By Bank, Stanbic IBTC Bank Plc emerged top of capital investment in Nigeria in Q1 2019 with $3,606.09 million accounting for 42.50 per cent of the total capital inflow in Q1 2019.

The bureau noted that the data for the report was supplied administratively by the Central Bank of Nigeria (CBN), verified and validated by the NBS.

(NAN)

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Sokoto kidnap victim who spent 96 days in bandits’ captivity dies after regaining freedom

March 28, 2024. Azonuchechi Chukwu. A kidnap victim, Salisu Iliyasu Takakume,...

Thirteen Residents Arrested For Failing To Use Pedestrian Bridge in Lagos

March 28, 2024. Azonuchechi Chukwu. Thirteen residents in Lagos state have...

Dangote budgets N15bn for food intervention across Nigeria

March 28, 2024. Azonuchechi Chukwu The Aliko Dangote Foundation, (ADF) has...

Lagos Police Arrest Man For Allegedly Beating His Wife To Death

March 28, 2024. Azonuchechi Chukwu. The police in Lagos state have...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading