National Bureau of Statistics has disclosed that the economic uncertainty in the country has reduced the amount of direct foreign investment by $5.24 million in the second quarter (Q2) of 2015.
According to a report titled ‘The Nigerian Capital Importation Summary Report for Q2 2015,’ the capital importation which was valued at $2.66636 billion in the second quarter, representing 0.20 per cent or $5.24 million drop from $2.67159 billion in the second quarter.
The report read ”Within portfolio investment, the key driver of the quarterly growth observed was equity, which at 84.56 per cent of portfolio investment, increased by $706.70 million or 62.02 per cent from the preceding quarter.
“Growth in money market Instruments further contributed, increasing by $270.39 million or 1,674.78 per cent from $16.14 million in Q1 to $286.53 million in Q2 of 2015. The remaining component, bonds, declined on a quarterly basis, $654.58 million or 92.83 per cent, so that its share of total Portfolio investment declined from 26.39 per cent to just 2.31 per cent. Year on year, all subsectors declined, with equity suffering the greatest losses, down by $2.02927 billion or 52.36 per cent, accounting for 74.22 per cent of the overall decline.
“Other claims were up $86.34 million or 274.03 per cent. Year-on-year, declines in other Investments were similar, at $141.69 million or 34.24 per cent, although this time were driven by both loans, which were lower by $83.76 million or 35.34per cent, and by other claims, which were lower by $57.55 million or 32.81per cent.”