Only 3 Nigerian states attracted capital importation in first quarter of 2024 – NBS

The National Bureau of Statistics, NBS, has revealed that only Lagos, the Federal Capital Territory, FCT, and Ekiti attracted capital importation in the first quarter of 2024.

The NBS revealed this in its Nigeria Capital Importation report for Q1, 2024.

According to the report, Lagos State remained the top destination for capital importation with 2,782.41 million, accounting for 82.42 per cent of the $3,376.01 million total capital imported into Nigeria in the referenced period.

The report stated that Abuja, FCT, followed Lagos State with US$593.58 million (17.58 per cent), with Ekiti State next with US$0.01 million.

The implication is that 34 states did not attract capital importation in the period under review.

A further analysis showed that Portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48 per cent, followed by Other Investments with US$1,181.25 million, accounting for 34.99 per cent.

Foreign Direct Investment recorded US$119.18 million (3.53 per cent) of total capital importation in Q1 2024.

The NBS report stated that the banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24 per cent of total capital imported in Q1 2024, followed by the trading sector, valued at US$494.93 million (14.66 per cent), and production/manufacturing sector with US$191.92 million (5.68 per cent).