NIGERIA imported total capital of $5.389 billion in the fourth quarter of 2017 was, representing an annual growth of 247.5%, and quarterly growth of 29.9% according to a report by National Bureau of Statistics (NBS) on Thursday.
The figure thus brought total capital importation for the year to $12.228 billion, which was an increase of $7,104.4 million or 138.7 percent from the figure recorded in 2016.
NBS noted that growth in capital importation in 2017 was mainly driven by an increase in Portfolio Investment, which went up by $5,516.2 million from the previous year to reach $7,329.1 million in 2017 and accounting for 60 percent of capital imported.
During the reference quarter total capital imported when compared to the previous quarter increased by $1,237.8 million.
Capital Importation is divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various sub-categories.
Portfolio Investment, which recorded $3,477.5 million in the fourth quarter of 2017, remained the largest component of capital imported and contributed 64.6 percent of the total amount ($5,382.86).
It increased significantly year on year, recording a rise of 1,123.5 percent or $3,193.3 million (from $284.2 million to $3,477.5 million), expanding faster than the two other components of capital importation.
Foreign Direct Investment recorded $378.4 million in Q4, which is a year on year increase of 9.8 percent, while other Investment recorded $1,526.9, growing by 66% when compared to quarter 4 of 2016.
