Foreign capital inflow to Nigeria plummets in Q1 amid heightened uncertainty

By bne IntelliNews May 19, 2015

The total inflow of foreign capital to Nigeria plunged 31.6% y/y to $2.67bn in the first quarter, following a 3.9% y/y decline in the preceding quarter, reflecting high levels of uncertainty due to a postponed election and depressed oil price, the country’s National Bureau of Statistics (NBS) said. On a quarterly comparison basis, Q4’s capital importation shrank 40.6% after a 31.2% drop in Q4.

Portfolio investment accounted for the biggest part of the total foreign capital inflow in Q1 with a 73.5% share, sharply up from 44.5% in Q4. It fell 7.1% q/q and 35.2% y/y to $1.86bn.

Next, ‘other’ investments reached $416.3bn in Q1, down 76% q/q and 23.6% y/y. Their share from the total declined to 15.6% from 38.4% in Q4.

Foreign direct investment (FDI) shrank 48.7% q/q and 19.6% y/y to $394.6mn in Q1. Its share from the total fell to 14.8% from 17.1% in Q4.

With a relatively small 9.6% quarterly drop, the UK remained the biggest investor in Nigeria, contributing $1.76bn, or 65.9%, of the total foreign capital inflow in Q1 (43.2% in Q4). It was followed by the US, which provided $348.3mn (13% of the total), down 67.6% q/q.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

South Africa’s MTN to invest $350mn in Iranian broadband

South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more

South Africa receives another downgrade to junk

Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more

S&P downgrades South Africa's credit rating to junk after cabinet reshuffle

Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more

Most Read

  1. Siemens considers quitting Russia
    8 days ago
  2. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    8 days ago
  3. Nato still has a mixed reception in Emerging Europe
    7 days ago
  4. Wildfires hit Croatia and Montenegro’s Adriatic coast
    4 days ago
  5. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    2 days ago
  1. CHINA RISING: When sleeping giants meet
    11 days ago
  2. Belarus’ retail king Euroopt goes on the road
    16 days ago
  3. Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
    29 days ago
  4. STOLYPIN: Russia’s cyber-challenge cuts both ways
    19 days ago
  5. Siemens considers quitting Russia
    8 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss