Nigeria’s Capital Importation Surges By 210% To $3.3m In Q1, 2024 -NBS
By Sunday Etuka, Abuja
The National Bureau of statistics (NBS) has disclosed that the total capital importation into country rose by 210.16% in Q1, 2024.
NBS in its report released on Monday said, “in Q1 2024, total capital importation into Nigeria stood at US$3,376.01 million, higher than US$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 US$1,088.48 million in Q4 2023”, it said.
The Bureau said, Portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48%, followed by Other In vestment with US$1,181.25 million, accounting for 34.99%. However, it said, Foreign Direct Investment (FDI) recorded the least with US$119.18 million (3.53%) of total capital importation in Q1 2024.
According to the NBS report, the Banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at US$494.93 million (14.66%), and Production/Manufacturing sector with US$191.92 million (5.68%).
The report said, 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 (17.25%) and the Cayman Islands with US$186.21 million (5.52%).
The Bureau said, out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2,782.41 million, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million (17.58%), and Ekiti state with US$0.01 million.
Meanwhile, it said, Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with US$1,257.38 million (37.24%), followed by Citibank Nigeria Limited with US$547.71 million (16.22%) and Rand Mer chant Bank Plc with US$528.73 (15.66%).
