Economy attracted N1.05tr investments in third quarter -NBS NOVEMBER 9, 2014 BY IFEANYI ONUBA, ABUJA 1 COMMENT print The Nigerian economy attracted a total investment of $6.54bn (N1.05tr) in the third quarter of this year, figures released by the National Bureau of Statistics have revealed. When added to the $9.71bn (N1.55tr) which was invested into the economy within the first six months of this year, the total amount so far attracted to the economy within the nine months period currently stands at $16.25bn (N2.65trn). The bureau in the capital importation report released on Sunday and made available to our correspondent in Abuja stated that capital imported in the third quarter of 2014 demonstrated a continuation of the upward trend observed over the year. For instance, the report said from the second quarter value of $5.80bn (N928bn), there was an increase of $738.69m or 12.73 per cent. The largest, portfolio investment, according to the report stood at $5.12bn (N819.2bn), making up 78.38 per cent of the third quarter total. This, the report added, represents a decline in its share of 6.35 per cent from the 84.72 per cent it represented in the second quarter. The second greatest investment type was Other Investments, which, standing at $870.3m, made up 13.30 per cent of total capital imported for the quarter. The smallest sector, it added, was foreign direct investment at $544.2m or 8.32 per cent of the total, marginally expanding its share from the 8.15 per cent representation in the second quarter. Despite the decline in its share, the dominant sector of portfolio investment had increased by $210.61m or 4.28 per cent from the $4.91bn recorded in Q2, and by $1.39bn or 37.27 per cent from the value recorded in Q3 of 2013. In terms of investment by state, the report said Lagos continues to expand its share, with $6.47bn or 98.91 per cent of the third quarter 2014 total investments. From the $5.70bn recorded in the previous quarter, capital importation of the state increased by $763.99m or 13.39 per cent and was up by $2.12bn or 48.74 per cent year on year. Subsequently, the report said the state drove almost all growth in capital imported both quarterly and year-on-year. On the other hand, the report said the Federal Capital Territory recorded the largest absolute decline from the 0.63 per cent to just 0.01 per cent of total capital imported in Q3 of 2014. It said the $0.35m investment recorded in the FCT was $3.01m or 91.20 per cent less than the $3.97m recorded in the preceding quarter. In terms of country, the NBS report said the United Kingdom continues to provide the greatest source of capital imported into Nigeria, with $2.88bn or 44.10 per cent of the total imported in third quarter of 2014 coming from the country alone. Meanwhile, the Consumer Price Index which measures inflation was put at 8.1 percent (year-on-year) for the Month of October. This, according to the inflation report which was also released on Sunday by the NBS, represents a 0.2 percent drop from 8.3 per cent recorded in September. The weakened pace of price increases recorded by the Headline index in October, it noted was as a result of a slower rise in all Classification of Individual Consumption by Purpose divisions that yield the Headline index.
Posted on: Sun, 09 Nov 2014 19:19:47 +0000
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