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Foreign investment inflow to oil sector dips by 51%- NBS

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According to data released by the National Bureau of Statistics, NBS, foreign investment inflow into the Nigerian oil and gas industry stood at $10.09 million in the first quarter of 2020, dropping by 51.07 percent from $17.22 million recorded in the fourth quarter of 2019.

The NBS stated that foreign investment inflow into the oil and gas sector in the first quarter of 2020 accounted for 0.17 percent of the total inflow into the Nigerian economy in the period under review, in its National Capital Importation Report.

The inflow into the sector in first quarter 2020 was 41.41 percent lower than the $17.22 million inflow into the sector recorded in the same period in 2019, the report further stated

The NBS also stated that total foreign capital inflow into the oil and gas sector in 2019 stood at $216.23 million, representing 0.9 percent of the total inflow into the economy in the year.

The NBS noted that the total value of capital importation into Nigeria stood at $5.854 billion in the first quarter of 2020, stating that this represented an increase of 53.97 percent compared to the fourth quarter of 2019 and 31.19 percent decrease compared to the first quarter of 2019.

The NBS said, “The largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61 percent ($4,309.47m) of total capital importation, followed by other Investment, which accounted for 22.73 percent ($1.33 billion) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.66 percent ($214.25 million) of total capital imported in the first quarter of 2020.”

The NBS report further noted that the banking sector recorded the highest foreign capital inflow in the quarter under review, as foreign investment inflow into the sector stood at $2.99 billion.

The NBS said, “By sector, Capital importation by banking dominated first quarter 2020 reaching $2.990 billion of the total capital importation in the first quarter of 2020.

“The United Kingdom emerged as the top source of capital investment in Nigeria in the first quarter of 2020 with $2.909 billion. This accounted for 49.68 percent of the total capital inflow in the first quarter of 2020.

“By destination of investment, Lagos state emerged as the top destination of capital investment in Nigeria in the first quarter of 2019 with $5,135.49m. This accounted for 87.72% of the total capital inflow in Q1 2020.

“By bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in the first quarter 2020 with $1.657 billion. This accounted for 28.30 percent of the total capital inflow in the first quarter of 2020.”

Source Sweet Crude Reports
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