Nigeria capital importation hits $3.3b in one year

The National Bureau of Statistics (NBS) said in the first quarter 2024 total capital importation rose to $3.3billion from $1.1million recorded in the first quarter of 2023 (Q1 2023).

This was contained in its report titled: “Nigeria Capital Importation Q1 2024.”

NBS said: “In Q1 2024, total capital importation into Nigeria stood at US$3,376.01 million, higher than US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%.”

The report said in comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023.

NBS noted that portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48%, followed by Other In vestment with US$1,181.25 million, accounting for 34.99%.

Foreign Direct Investment,.said the data, recorded the least with US$119.18 million (3.53%) of total capital importation in Q1 2024.

It also noted that the Banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at US$494.93 million (14.66%), and The report reads in part: “Production/Manufacturing sector with US$191.92 million (5.68%).

Capital Importation during the reference period originated largely from the United Kingdom with US$1,805.83 million, showing 53.49% of the total capital imported. This was followed by Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).

“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2,782.41 million, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million (17.58%), and Ekiti state with US$0.01 million.

“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with US$1,257.38 million (37.24%), followed by Citibank Nigeria Limited with US$547.71 million (16.22%) and Rand Mer chant Bank Plc with US$528.73 (15.66%).”

Source: The Nation