Nigeria’s Capital Importation Rises By 210% To $3.37m Q1, 2024

A newly released report by the National Bureau of Statistics (NBS), said total capital importation into Nigeria rose by 210.16 per cent to $3,376m in the first quarter of 2024.

According to the report, the rise was from $1,088m recorded in Q4 2023.

The increase is higher than the $1,132m recorded in Q1 2023, indicating an increase of 198 per cent.

Further details in the report showed that Portfolio Investment ranked top with US$2,075 m, accounting for 61per cent, followed by other investment with US$1,181m, accounting for about 35 per cent.

Foreign Direct Investment recorded the least with US$119m (3.53 per cent) of total capital importation in Q1 2024.

The Banking sector recorded the highest inflow with US$2,067m, representing 61.24 per cent of total capital imported in Q1 2024, followed by the Trading sector, valued at about $494m (14.66 per cent), and Production/Manufacturing sector with about $192m (5.68 per cent).

Capital Importation during the reference period originated largely from the United Kingdom with about $1,806m, showing 53.49 per cent of the total capital imported.

This was followed by the Republic of South Africa with $582m (17.25 per cent) and the Cayman Islands with US$186m (5.52 per cent).

Of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2,782 m, accounting for 82 per cent of the total capital imported.

Abuja followed with $593m (17.58 per cent), and Ekiti state with $0.01m.

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257m (37.24 per cent), followed by Citibank Nigeria Limited with about $548m (16.22 per cent) and Rand Merchant Bank Plc with about $529 (15.66 per cent).