Nigeria’s capital importation rose by 198% in one year – NBS

Nigeria’s capital importation rose by 198.06 per cent over the last 12 months buoyed by portfolio investments which contributed 61.48 per cent.

National Bureau of Statistics (NBS) in its Q1 2024 capital importation report shows that Nigeria’s total capital importation rose from $1,132.06 million in the first quarter of 2023 to $3,376.01 million in the first quarter of 2024, indicating an increase of 198.06 per cent over the 12 months.

In comparison to the preceding quarter, capital importation rose by 210.16 per cent from $1,088.48 million in Q4 2023.

NBS said that Portfolio Investment ranked top with $2,075.59 million, accounting for 61.48 per cent, followed by other Investments with $1,181.25 million, accounting for 34.99 per cent.

Foreign Direct Investment recorded the least with $119.18 million, accounting for only 3.53 per cent of total capital importation in Q1 2024.

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The report said the Banking sector recorded the highest inflow with $2,067.44 million, representing 61.24 per cent of total capital imported in Q1 2024, followed by the Trading sector, valued at $494.93 million, about 14.66 per cent, while Production/Manufacturing sector contributed $191.92 million (5.68 per cent).

NBS said capital importation during the reference period originated largely from the United Kingdom with $1,805.83 million, showing 53.49 per cent of the total capital imported. Followed by the Republic of South Africa with $582.34 million or 17.25 per cent and the Cayman Islands with $186.21 million or 5.52 per cent.

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

The report also shows that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million, 37.24 per cent, followed by Citibank Nigeria Limited with $547.71 million, 16.22 per cent, and Rand Merchant Bank Plc with $528.73, 15.66 per cent.