Feb. 19, 2024

…Capital Importation largely from the United Kingdom

The National Bureau of Statistics, NBS, says the country’s total capital importation into Nigeria rose to US$1,088.48 million in Q4, 2023, slightly higher than US$1,060.73 million recorded in Q4 2022.

This is contained in its latest report released on Monday.

According t the report, this indicates an increase of 2.62%. In comparison to the preceding quarter, capital importation rise by 66.27% from US$654.65 million in Q3 2023.

Other Investment ranked top, accounting for 54.64% (US$594.74 million) of total capital importation in Q4 2023, followed by Portfolio Investment with 28.46% (US$309.76 million) and Foreign Direct Investment (FDI) with 16.90% (US$183.97 million).

It noted that the production/manufacturing sector recorded the highest inflow with US$450.11 million, representing 41.35% of total capital imported in Q4 2023, followed by the banking sector, valued at US$283.30 million (26.03%), and financing with US$135.59 million (12.46%).

Capital Importation during the reference period originated largely from the United Kingdom with US$267.24 million, and recorded 24.55% share. This was followed by Mauritius with US$226.18 million (20.78%) and the Netherlands with US$149.93 million (13.77%).

Lagos state remained the top destination in Q4 2023 with US$771.68 million, accounting for 65.38% of total capital importation, followed by Abuja (FCT) with US$370.80 million (34.07%) and Rivers state with US$6.00 million (0.55%).

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q4 2023 with US$499.45 million (45.88%), followed by Citibank Nigeria Limited with US$229.06 million (21.04%) and Rand Merchant Bank Plc with US$85.85 (7.89%).