Capital importation rose 210 percent in Q1 2024, says NBS

Tuesday, 02 July 2024 04:37

Capital importation rose 210 percent in Q1 2024, says NBS

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Capital importation rose 210 percent in Q1 2024, says NBS

Nigeria's capital importation increased by 210.16% in the first quarter (Q1) of 2024, according to the National Bureau of Statistics (NBS). The total capital imported reached $3.38 billion, up from $1.09 billion in Q4 2023. Capital importation refers to the inflow of funds from outside the country for investment purposes in a country.

Year-on-year, foreign investment into Nigeria grew by 198.06%, compared to $1.13 billion in Q1 2023. The NBS reported, "In Q1 2024, total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the preceding quarter, capital importation rose by 210.16% from $1,088.48 million in Q4 2023."

Foreign portfolio investments (FPI) led the way with $2.08 billion, accounting for 61.48% of the total. Other investments followed with $1.18 billion (34.99%), while foreign direct investment (FDI) was the lowest at $119.18 million (3.53%).

The banking sector received the highest capital investment, followed by trading and production/manufacturing. The NBS noted, "The banking sector recorded the highest inflow with $2.07 billion, representing 61.24% of total capital imported in Q1 2024. The trading sector recorded $494.93 million (14.66%), while the production and manufacturing sector received $191.92 million (5.68%)."

Most of the capital importation came from the United Kingdom ($1.81 billion, 53.49%), followed by the Republic of South Africa ($582.34 million, 17.25%) and the Cayman Islands ($186.21 million, 5.52%).

Lagos, Abuja, and Ekiti were the only states to attract capital importation. Lagos State remained the top destination with $2.78 billion (82.42% of total imported capital), followed by Abuja with $593.58 million (17.58%), and Ekiti State with $12.75 million.

Stanbic IBTC Bank Plc received the highest capital importation by banks, recording $1.25 billion (37.24%). Citibank Nigeria Limited followed with $547.71 million (16.22%) and Rand Merchant Bank Plc with $528.73 million (15.66%).