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Abuja Overtakes Lagos in Foreign Capital Inflows

Abuja Overtakes Lagos in Foreign Capital Inflows

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The Federal Capital Territory, Abuja has become the leading recipient of foreign capital inflows, commencing from the fourth quarter (Q4) of 2017.

In the first quarter (Q1) 2018, the nation’s capital also overtook with an inflow of $3.54 billion, the National Bureau of Statistics (NBS), has revealed in its ‘Capital Importation (Q1)’ report, which has just been released.

This indicates an increase of 32.24 per cent from the figure recorded in the previous quarter, when it reported $2.68 billion.

At the same time, capital importation to Lagos increased marginally by 4.59 per cent from $2.55 billion in the last quarter to $2.67 billion in Q1, 2018, while Capital Importation to Akwa Ibom was $43.62 million, which is a decline of 65.05 per cent from the figure reported last quarter ($124.85 million).

In contrast, Ogun, Bauchi, and Kano States witnessed strong growth in foreign capital inflow in the first quarter, each recording respective growth rates of 182.06 per cent, 370.59 per cent, and 154.84 per cent on a quarter-on-quarter basis.

The NBS also revealed in its just-released ‘Nigerian Capital Importation (Q1 2018)’ report that the total value of capital imported into the country in the first three months (first quarter) of 2018 stood at $6,303.63 million, representing a 594 per cent increase (year- on–year) from $908.3 million in Q1 2017.

According to the agency, the first quarter in 2018 saw a continuous growth in total capital importation into the country, the fourth consecutive quarterly increase since the second quarter (Q2) 2017.

A breakdown of the Nigerian capital importation by country of origin showed that the United Kingdom (UK) kept its leading role in capital investment in Nigeria in the first quarter of 2018, with $2.25 billion capital invested in the country.

This inflow accounted for 35.73 per cent of the total of capital inflow in Q1,2018, it was also a 39.89 per cent increase from the previous quarter and a growth of 644.55 per cent over the corresponding period of last year.

As well as the existence of a historical relationship between the UK and Nigeria, London (its capital) is also a principal financial centre, which explains the high value of foreign capital from the UK.

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