See the top 10 Nigerian banks with the largest contributions to capital importation

• Nigeria experienced improved capital importation in the second quarter of 2024 compared to the same period in 2023
• Data from the National Bureau of Statistics shows that Nigeria’s capital import rose by 152.81%
• According to data, the country recorded about $2.6 billion in the period via various banks in the country

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria’s economy experienced increased capital importation in the second quarter of 2024, a significant improvement in the same period in 2023.

The country’s banking sector contributed significantly as total capital inflow hit $2.6 billion, representing a whopping 152.81% rise from the $1.03 billion recorded in Q2 of 2023.

Nigeria's capital importation grew by over 154 per cent in the second quarter of 2024 Credit: NurPhoto/Contributor
Source: UGC

FDI drops in the second quarter of 2024

According to data from the National Bureau of Statistics (NBS), the country’s capital importation highlights the robust performance of the banking sector in attracting foreign capital during the period.

Capital importation is the inflow of foreign investments into a country, spanning funds and assets brought by foreign investors to support projects, establish businesses, or invest in various sectors.

The NBS data disclosed that portfolio investments accounted for the largest share, contributing about $1.4 billion, or 53.93%, in total inflows. Other investments followed, bringing in $1.17 billion, or 44.92%.

Foreign direct investment (FDI) was the most minor contributor, accounting for $29.83 million, or 1.15% of total capital imports in the period under review.

Top banks with the highest capital importation

• Citi Bank Nigeria $818.46 million
• Standard Chartered Bank Nigeria Limited: $564.79 million
• Rand Merchant Bank: $488.59 million
• Stanbic IBTC Bank plc: $409.93 million
• Access Bank: $80.14 million
• Zenith Bank plc: $78.01 million
• Ecobank Nigeria plc: $25.89 million
• First Bank plc: $21.28 million
• Guarantee Trust Bank plc: $9.11 million
• First City Monument Bank plc: $6.21 million

26 Nigerian states failed to attract foreign investors

Legit.ng earlier reported foreign investors shunned 26 Nigerian states as Nigeria’s capital imported hit $2.60 billion in the second quarter of 2024, representing a solid increase of 152.82% yearly relative to the $1.03 billion recorded in the same period in 2023.

The National Bureau of Statistics (NBS) disclosed this in its latest capital importation report for Q2 2024.

The report said that the number of Nigerian states without investments declined from 27 in the second quarter of 2023 to the same period this year.

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Source: Legit.ng