The Central Bank of Nigeria (CBN) has revealed that the capital importation into the country fell by 32 per cent in October 2021. The revenue fell from $660m recorded in September to $500m in October.
The CBN disclosed these figures in its latest monthly economic report (October) recently released on the bank’s official website.
The decline is a negative turnaround from the increase recorded in September when capital inflow rose by $220m from $440m in August.
The report equally shows that there is a corresponding decline in investment inflows from the United Kingdom, South Africa and other countries leading the pack in capital importation into Nigeria.
The CBN said, “New capital importation decreased by 32.0 per cent to US$0.50bn in October 2021, from US$0.66bn in September 2021.
“Disaggregation of capital importation by type of investment shows that foreign portfolio investment inflow (mainly money market instruments), at US$0.33bn, decreased by 34.0 per cent, relative to the US$0.50bn in September 2021.
“Despite the decline, portfolio inflow remained dominant in total foreign investment, accounting for 65.0 per cent.
“The inflow of other investments, mostly loans, was US$0.14bn or 28.2 per cent of the total, a slight increase from US$0.13bn in September 2021.
The report also noted that foreign direct investment accounted for only 6.8 per cent of capital inflows in October at $30m.
