Foreign Investment In Construction Declines By $8m
The total foreign investment in the construction industry fell by $8.28m to $22m as of the end of 2020 from $30.28m as of the end of 2019.
Latest figures obtained from the National Bureau of Statistics on Friday revealed that this amounted to 0.15 of the total foreign capital inflow in the country in the period under review.
According to the figures, $11.6m, $6.4m, $2.28m and $1.64bm investment came into the country’s construction sector in the first, second, third and fourth quarters of 2020.
The investment which had been dropping fell from $98.35m as of the end of 2017 to $53.72m as of the end of 2018.
The NBS disclosed that Nigeria’s capital importation fell by $14.31bn to $9.68bn as of the end of 2020 from $23.99bn as of the end of 2021.
Capital importation showed the inflow of foreign currency in cash or goods by an investor or lender.
Part of the report on Nigerian capital importation read, “The total value of capital importation into Nigeria stood at $1.07bn in the fourth quarter of 2020.
“This represents a decrease of 26.81 per cent compared to Q3 2020 and 71.87 per cent decrease compared to the fourth quarter of 2019.
“Similarly, the total value of capital importation in 2020 stood at $9.68bn compared to $23.99bn in 2019, representing a decline of 59.65 per cent between the two periods.”
The largest amount of capital importation by type was received through other investment, which accounted for 73.22 per cent ($783.26m) of total capital importation, followed by Foreign Direct Investment, which accounted for 23.49 per cent ($251.27m) of total capital imported and portfolio investment which accounted for 3.29 per cent ($35.15m) of total capital imported in Q4 2020.
By sector, capital importation by shares dominated in Q4 2020 reaching $287.04m of the total capital importation in Q4 2020.