The Q1-2024 report on ‘Nigeria Capital Importation’ indicates rising foreign investors’ confidence in Nigeria’s economic prospects and stability.
According to the National Bureau of Statistics (NBS), the total capital importation into Nigeria the period stood at US$3.38bn, indicating an increase of 198.06% higher than US$1.13bn recorded in Q1 2023.
Portfolio Investment ranked tops with US$2.08bn, accounting for 61.48%, other Investment followed with US$1.18bn, and accounting for 34.99%.
Foreign Direct Investment recorded the least with US$119.18 million signifying a 3.53% of total capital importation.
The report shows that the banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24% of total capital imported, followed by the Trading sector, with a value at US$494.93 million with a 14.66%, and Production/Manufacturing sector with US$191.92 million recording a 5.68% of inflow for the period.
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 representing 17.25% and the Cayman Islands with US$186.21 million signifying a 5.52% contribution.
Lagos state led the three states that recorded capital importation in Q1-2024 with US$2,782.41 million, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million with a 17.58% of the total sum, and Ekiti state with US$0.01 million.
Stanbic IBTC Bank Plc received the highest capital importation into Nigeria with US$1,26bn recording 37.24%, Citibank Nigeria Limited followed with US$547.71 million or 16.22% and Rand Merchant Bank Plc with US$528.73 accounting for 15.66% of total capital importation.
