Economy

NBS: Capital importation into Nigeria for Q1 2019 over $8.4m

Nigeria’s GDP grows by 1.94% in Q2 2019 —NBS
Written by Maritime First

…As German Ambassador says Nigeria is a great nation***

The National Bureau of Statistics (NBS) has highlighted the total value of capital importation into Nigeria in the first quarter of 2019 as $8,485 million.

The bureau said this in its “Nigerian Capital Importation (Q1 2019) Report” for July 2019 published on its website.

The Nigerian law, it is required for every foreigner investing in a local business in the country to procure a Certificate of Capital Importation (CCI).

The CCI procured is on the inflow of foreign currency, raw materials or equipment imported into the country, confirming an inflow.

The certificate is issued by a Nigerian bank and in the name of the applicant’s company.

The primary purpose of the CCI is to guarantee access to the official foreign exchange market for repatriations of capital and returns on investment.

READ MORE…Nigeria’s inflation rate hits 11.40% in May – NBS

The NBS also said in its report that the total value of capital importation represented an increase of 216.03 per cent compared to the fourth quarter of 2018.

It also represented an increase of 34.61 per cent compared to the first quarter of 2018.

The bureau said that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21 per cent (7,145.98 million dollars) of total capital importation.

This was followed by Other Investment, which accounted for 12.91 per cent (1,096.15 million dollars) and Foreign Direct Investments, which accounted for 2.86 per cent (243.36 million dollars) of total capital imported in 2019.

The report said that by sector, capital importation by banking dominated the first quarter of 2019 (Q1 2019), reaching 2,851.07 million dollars the total capital importation in Q1 2019.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2019 with 4,531.22 million dollars, accounting for 53.40 per cent of the total capital inflow in Q1 2019.

By Bank, Stanbic IBTC Bank Plc emerged top of capital investment in Nigeria in Q1 2019 with 3,606.09 million dollars accounting for 42.50 per cent of the total capital inflow in Q1 2019.

The bureau noted that the data for the report was supplied administratively by the Central Bank of Nigeria (CBN), verified and validated by the NBS.

In the meantime, the outgoing German Ambassador to Nigeria, Mr Bernhard Schlaghek has described Nigeria as a great nation with citizens capable of moving the country forward.

Schlaghek made the disclosure when he paid a courtesy call on the Secretary to Government of the Federation, Mr Boss Mustapha in his office in Abuja.

The Ambassador Schlaghek will move to Pakistan to continue with his diplomatic duties within a couple of weeks from now.

The ambassador applauded the bilateral relationship between Nigeria and Germany since the independence of the country describing it as a unique one.

While commending President Muhammadu Buhari on his efforts to tackle insecurity in the country, he however, urged the country to put more efforts to yield more result.

“My mission here is to commend the government of Nigeria. I enjoyed Nigeria throughout my stay; I have to say that Nigeria is great with human capacity to move the country forward,’’ he said.

In his response, Mustapha bid Schlaghek farewell to his new assigned country describing him as a `friend of Nigeria’.

The SGF expressed gratitude to the German government for the strong relationship with Nigeria.

“I must say how glad we are receiving you here and I must commend the relationship we enjoy from your government.

“I want to assure you that we remain committed to this relationship with German government.

“I will use this opportunity to commend you and as you are going, we wish you a successful stay in Pakistan”, Mustapha said.

He assured Schlaghek of the Federal Government`s commitment to do away with the issue of insecurity in the country.

According to the secretary, “when people like you speak about Nigeria, it portrays the good image of Nigeria to the world”, Mustapha said.

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Maritime First