Nigeria attracted over $2.7 billion in capital importation in the first six months of 2017, NEXT EDITION can authoritatively report today.
The country attracts millions of dollars in foreign direct investments every year, most of which pass through commercial banks.
But the latest report issued by the National Bureau of Statistics (NBS), on Saturday, showed Nigeria has imported capital from 88 countries.
The report also indicated that only six countries make up about 80 percent of the nation’s total capital imports.
The NBS insisted that Nigeria still relied heavily on the West for most of its capital imports.
In the first half of the current year, the report showed that over $1.8 trillion worth of goods were imported from the United States, United Kingdom, and Belgium.
Singapore, South Africa, and Mauritius also make up the other half of the top six countries combining to provide Nigeria with about $480 million in imported capital.
Analytics from Nairametrics, a Nigerian financial blog, suggests that most of the funds coming in from Mauritius are due to the double taxation agreement they have with Nigeria and this also accounts for some of the funds that may have flowed from South Africa.
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