The total value of capital imported into Nigeria in the third quarter of 2016 was estimated to be $1.8 billion, which represents an increase of 74.84% relative to the second quarter, and a fall of 33.70% relative to the third quarter of 2015.
“The rise in capital importation in Q3 can be attributed to when we embraced foreign exchange market liberalization,” said Ayodeji Ebo, an investment banker at Afrinvest by phone.
“Capital began flowing in from June 20, (when the market was liberalised) and it boosted investor confidence. I always expected subsequent months to build on the Naira float for substantial inflow,” Ebo added.
A sharp increase in June had outweighed the low values recorded in April and May in Q2.
The level of capital imported in June rose to $610.77 million, more than the previous three months combined, as it coincided with the big devaluation in June.
The highest level of capital imported in Q3 was in August, when $894.00 million was imported, the highest level since July 2015, according to the NBS.
In September, $649.76 million was imported, which was still more than any month in the first and second quarters.
“In contrast with the previous quarter, where Other Loans explained the majority of the increase, a number of investment types contributed to the quarterly increase,” the NBS noted in the Q3 capital importation report released seconds ago.
