Investment inflows into Nigeria rose by 95.02 per cent from $884.1 million in the first quarter of this year to $1.79bn in the second quarter.
The National Bureau of Statistics (NBS) disclosed this in a capital importation report released yesterday.
The bureau, in the report made available to LEADERSHIP, attributed the main driver of the quarterly growth in capital importation in the second quarter to 146.7 per cent increase in Portfolio Investments.
According to the report, other Investments, also grew by 95.02 per cent, including Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter.
The report noted: “The total value of capital imported into Nigeria in the second quarter of 2017 was estimated to be $1.792bn. This figure was $884.1m more than the figure recorded in Q1 2017, a growth of 95.02 per cent.
“Year on year, this was an increase of 43.6 per cent from the $1.04bn recorded in Q2 of 2016. A month on month analysis of capital importation in the second quarter shows that the month of May recorded the highest of amount of capital importation ($616.5m), followed by June with $612.6m and May with $563.3m.
“The main driver of the quarterly growth in capital importation in the second quarter was Portfolio Investments, which increased by 145.7 per cent, followed by Other Investments, which grew by 95.02 per cent, and then Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter”.
The NBS said portfolio Investment was the largest component of imported capital in the second quarter of 2017 and accounted for $770.5m, or 43 per cent respectively of the total.
This was closely followed by Other Investments, which accounted for $747.5m, or 41.7 per cent, and then FDI, which accounted for $274.4 or 15.3 per cent during the quarter.
The report also added that the state to import the most capital into Nigeria in the second quarter of 2017 was Lagos, as in all previous quarters.
“Lagos is the commercial and financial capital of Nigeria, and home to Nigeria’s Stock Exchange where shares are traded. As such, it accounts for most of the capital imported into the country”, stated the report.
FAAC Shares N468bn To FG, States, LGs In August
Meanwhile, the Federation Account Allocation Committee (FAAC) yesterday approved the sum of N467.852 billion to be shared among the three tiers of government from the federation account for the month of August.
The figure is less than the N652 billion shared for July.
The federal government recorded gross statutory revenue of N387.3 billion, lower than the N570.584 billion received as gross revenue in July by N183.266 billion. N80 billion was raised from Value Added Tax in the last month.
Briefing journalists at the end of the monthly FAAC meeting yesterday in Abuja, permanent secretary in the ministry of finance, Alhaji Mahmud Dutse, said there was a drastic fall in revenue from Companies Income Tax due to the expiration of the deadline for filling returns.
“Oil royalty recorded a reasonable increase but revenue from import and Excise duties decreased slightly”, he said.
Despite increase in revenue from crude oil export by $62 million, Dutse said there were issues of leaking flow lines, shut-ins and shut-downs at Terminals for maintenance adding “The total revenue distributable for the current month (including VAT) is N467.852 billion”.
VAT for distribution, less four per cent cost of collection stood at N80.533 billion.
A detailed view of the communiqué showed that the federal government got N193.048 billion or 52.68 per cent of the total Allocation, while the 36 States received N130.691 billion, representing 26.72 per cent.
Local governments councils got N98.014 billion, representing 20.60 per cent of the distributable revenue from which 13 per cent, representing N31.591 billion derivations was shared to the oil and other mineral resources producing states across the country.
The country has a balance of $2.3 billion in its Excess Crude Account.