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Under the Nigerian law, it is required for every foreigner investing in a local business in the country to procure a Certificate of Capital Importation (CCI). The CCI procured is on the inflow of foreign currency, raw materials or equipment imported into the country, confirming an inflow. The certificate is issued by a Nigerian bank and in the name of the applicant’s company.
The primary purpose of the CCI is to guarantee access to the official foreign exchange market for repatriations of capital and returns on investment.
According to the National Bureau of Statistics (NBS), the total value of capital importation into Nigeria stood at $8,485m in the first quarter of 2019, in which Portfolio investment, accounted for 84.21% ($7,145.98m) while other Investment, accounted for 12.91% ($1,096.15m) and Foreign Direct Investments, accounted for 2.86% ($243.36m) of total capital imported in 2019.
Despite the security challenges faced Nigeria in 2019, the total value of capital importation represented an increase of 216.03% compared to Q4 of 2018 and an increase of 34.61% compared to Q1 2018.
The UK that issues travel advisory regards Nigeria, emerged as the top source of capital investment in Nigeria in Q1 2019 with $4,531.22m, accounting for 53.40% of the total capital inflow in Q1 2019.