… as Stanbic IBTC Bank Plc emerged at the top of capital investment
Olusola Bello
Sectorial contribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020 representing 3.20% increase Quarter-on-Quarter and 56.56% increase Year-on-Year.
According the National Bureau of Statistics (NBS), other Manufacturing generated the highest amount of VAT with N44.89bn generated and closely followed by Professional Services generating N29.30bn, Commercial and Trading generating N21.96bn while Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74m, N169m and N188.71m generated respectively.
Out of the total amounted generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign. The balance of N117.13bn was generated as NCS-Import Venerated as NCS-Import VAT.
The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 and -32.38% decrease compared to the second quarter of 2020 and $1,905.89m in the first quarter of 2021. This represents a decrease of -54.06% compared to Q1 2021
The largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97%$551.37m) of total capital importation, followed by Other Investment, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m. This accounted for 35.43% of the total capital inflow in Q2 2021.
By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21m. This accounted for 35.43% of the total capital inflow in Q2 2021. By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51m of the total capital
By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51m of the total capital investment in Nigeria in Q2 2021 with $310.26m. This accounted for 35.43% of the total capital inflow in Q2 2021.
By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06m. This accounted for 89.09% of the total capital inflow in Q2 2021.
By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21m. This accounted for 35.43% of the total capital inflow in Q2 2021.