By Tony Obiechina, Abuja
The National Bureau of Statistics (NBS) has released a report indicating a significant increase in total capital importation into Nigeria.
In the first quarter of 2024, capital importation surged by 210.16 percent to reach $3.376 billion, compared to $1.088 billion recorded in the fourth quarter of 2023.
This rise is also notably higher than the $1.132 billion reported in the first quarter of 2023, reflecting an increase of 198 percent year-over-year.
The report provides a detailed breakdown of the capital importation sources. Portfolio Investment ranked the highest, contributing $2.075 billion, which accounts for 61 percent of the total capital importation.
This was followed by Other Investment, which amounted to $1.181 billion or 35 percent. Foreign Direct Investment (FDI) was the least, with $119 million, representing 3.53 percent of the total capital importation for the quarter.
The Banking sector attracted the highest capital inflow, totaling $2.067 billion and representing 61.24 percent of the total. The Trading sector followed with $494 million (14.66 percent), and the Production/Manufacturing sector received $192 million (5.68 percent).
In terms of geographical origin, the majority of the capital importation came from the United Kingdom, which contributed approximately $1.806 billion, accounting for 53.49 percent of the total.
The Republic of South Africa was the second-largest source with $582 million (17.25 percent), followed by the Cayman Islands with $186 million (5.52 percent). READ ALSO:
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Regarding destination states within Nigeria, Lagos state was the top destination, receiving $2.782 billion, which is 82 percent of the total capital importation. Abuja followed with $593 million (17.58 percent), and Ekiti state recorded a minimal $0.01 million.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation in Q1 2024, amounting to $1.257 billion (37.24 percent). Citibank Nigeria Limited followed with $548 million (16.22 percent), and Rand Merchant Bank Plc received $529 million (15.66 percent).
This substantial increase in capital importation highlights the growing confidence of foreign investors in Nigeria’s economic prospects and the country’s ongoing efforts to attract foreign investments.