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Economy attracted N6.48tn investment in 26 months – NBS

By on May 1, 2014

The National Bureau of Statistics on Tuesday said that the Nigerian economy attracted $40.503bn (N6.48tn) worth of investments within a period of 26 months.

The agency stated this in its report signed by the Statistician-General of the Federation, Dr. Yemi Kale, which covered January 2012 to February 2014.

The report said that between 2012 and 2013, the country recorded an increase of $4.703bn or 28.31 per cent in investment from $16.615bn to $21.318bn.

For the 2014 fiscal year, the report said that the economy had attracted an investment of $2.57bn made up of $1.5bn in January and $1.06bn in February.

Further analysis of the report revealed that for the 26-month period, portfolio investment in equity, bonds and money market instruments accounted for the highest amount of investment made by investors.

For instance, the report stated that out of the total $16.615bn invested in 2012, portfolio investment in equity, bonds and money market instruments accounted for $13.485bn or 81.16 per cent.

Foreign Direct Investment in equity and other capital accounted for $1.99bn or 1.19 per cent; while other investments such as trade credits, currency deposits, loans as well as other claims recorded the balance of $1.145bn.

For 2013, the report stated that out of the $21.318bn investment attracted, portfolio investment in equity, bonds and money market instruments accounted for $17.368bn or 81.47 per cent.

Similarly, FDI in equity and other capital accounted for $2.7bn, while other investments such as trade credits, currency deposits, loans as well as other claims recorded the balance of $1.243bn.

This is in spite of the security challenges currently facing the country.

Meanwhile, the bureau in its air passenger traffic report, which was also released on Tuesday, said 50 per cent of total air travel passengers between 2012 and 2013 travelled through the Lagos airports.

The report added that about 25 per cent of air passengers travelled through the Abuja airport.

 

 

[Punch]