The nation’s total capital importation declined by 22.85 percent, according to the latest report from the National Bureau of Statistics (NBS).
NBS, in a report released on Tuesday revealed that the total capital importation was $2,604.50 million in Q2, 2024, from the US$3,376.01 million recorded in Q1 2024, indicating a 22.85 % decline.
The Bureau, however, disclosed that the $2,604.50 million recorded in the second quarter of 2024 was higher than the $1,030.21 million recorded in Q2, 2023.
According to the NBS report, Portfolio Investment ranked top with US$1,404.70 million, accounting for 53.93%, followed by Other Investment with US$1,169.97 million, accounting for 44.92%.
However, the report revealed that Foreign Direct Investment recorded the least with US$29.83 million (1.15%) of total capital importation in Q2 2024.
It said, the Banking sector recorded the highest inflow with US$1,123.95 million, representing 43.15% of total capital imported in Q2 2024, followed by the Production/Manufacturing sector, valued at US$624.71 million (23.99%), and Trading sector with US$569.22 million (21.86%).
The report further revealed that Capital Importation during the reference period originated largely from the United Kingdom with US$1,120.15 million, showing 43.01% of the total capital imported. This was followed by the Netherlands with US$577.82 million (22.19%) and the Republic of South Africa with US$255.98 million (9.83%).
It said, out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$1,367.84 million, accounting for 52.52% of the total capital imported. Abuja (FCT) followed with US$1,236.64 million (47.48%), and Ekiti state with US$0.0003 million.
Furthermore, the report said, Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with US$818.46 million (31.43%), followed by Standard Chartered Bank Nigeria Limited with US$654.79 million (25.14%) and Rand Merchant Bank Plc with US$488.59 (18.76%).
