Economy Nets N6.48tn Investment in 26 months -NBS

The National Bureau of Statistics (NBS) said the Nigerian economy attracted an investment of $40.503bn (N6.48tn) within a period of 26 months.]

The Bureau stated this in its report signed by Dr Yemi Kale, the Statistician General of the Federation, covering January 2012 to February 2014.

The report said 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 the economy 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 months 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 investments 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 inspite 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 passenger air travel between 2012 and 2013 travelled through Lagos airport.