By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Nigeria’s total capital importation climbed up 3.32 percent to $186.23 million in the half-year of 2014 from $5.617 million recorded in the corresponding period of 2013, according to the latest figures released by the National Bureau of Statistics (NBS).
The report affirmed that capital imported in the H1 of 2014 was recorded at a value of $5,803.89 million. ‘’It increased by $1,899.33 million or 48.64 percent from the $3,904.55 million recorded in the opening quarter of this year,’’ NBS said.
According to the Nigeria’ statistics officer, capital importation prior to 2013 was rising steadily, recovering from the lows recorded post the 2008 financial crisis and reached its peak in the first quarter (Q1) of 2013, where $6,699.57 million was imported to Nigeria.
However, this declined in the following quarters, dropping to $3,904.55 million in the opening quarter of 2014, a year-on-year (Y-o-Y) decline of $2,696.02 million or 40.85 percent.
NBS reported that the H1 value brought the total capital imported through the Q1 of 2014 to $9,708.44 million, which was still $2,509.79 million or 20.54 percent lower than the $12,218.23 million recorded for the same period in 2013.
Portfolio investment continued its increasing dominant trend and recorded a growth $2,047.94 or 71.38 percent relative to the $2,869.19 million recorded in the preceding quarter, and grew by $429.63 million or 9.53 percent year-on- year.
In terms of capital importation by investment type, NBS reported that portfolio investment, occupied the first position in the review period; as it stood at $4,917.34 million, making up 84.72 percent of the H1 2014 total.
While the second greatest investment type was foreign direct investment (FDI), which constituted $472.99 million or 8.15 percent, on the third position was the other investments which recorded $413.63 million or 7.13 percent.
The NBS said the portfolio investment’s total share of capital Imported increased by 11.24 percentage points from the 73.48 percent in the preceding quarter to 84.72 percent. The Q2 2014 share was also 4.84 percentage points greater than the 79.88 percent it represented in the corresponding quarter of 2013.
Nigeria’s Bureau of Statistics office reported that equity was the key growth driver of capital imported in the quarter, constituting 85.03 percent of the positive change in capital importation from the opening quarter of 2014.
‘’Portfolio equity represented $3,875.35 million or 66.77 percent of total quarter two 2014 capital imported, up by $1,614.99 million or 71.45 percent from $2,260.36 million recorded in the preceding quarter.
‘’There was a slightly negative annual growth in portfolio equity inflows of $58.86 million or 1.50 percent, compared to the corresponding quarter of 2013, in which portfolio equity represented $3,934.21 million, or 70.03 percent of total capital imported,’’ the NBS said.
The NBS reported that the second greatest investment subsector was portfolio investment in bonds representing $731.74 million or 12.61 percent of total capital imported, the sector grew by $581.01 million or 385.44 percent year-on-year, and increased by $249.25 million or 51.66 percent from the preceding quarter.
