Capital Importation Declines By 43.55% In Q3, 2023 -NBS

The latest report by the National Bureau of Statistics (NBS) shows that the total capital importation into Nigeria, year-on-year stood at US$654.65 million in Q3 2023, lower than the US$1,159.67 million recorded in Q3 2022, indicating a decline of 43.55%.

NBS said, in comparison to the preceding quarter, the capital importation fell by 36.45% from US$1,030.21 million in Q2 2023.

It said, other Investments ranked top accounting for 77.56% (US$507.77 million) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31% (US$87.11 million) and Foreign Direct Investment (FDI) with 9.13% (US$59.77 million).

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The Bureau said that the production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70% of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93 million (19.54%), and Shares with US$85.49 million (13.06%).

It said, the Capital Importation during the reference period originated largely from the Netherlands with US$175.62 million, and recorded 26.83% share.

This, it said, was followed by Singapore with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).

According to NBS, Lagos state remained the top destination in Q3 2023 with US$308.83 million, accounting for 47.18% of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73%) and Abia state with US$150.09 million (22.93%).

It also said that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q3 2023 with US$222.84 million (34.04%), followed by Citibank Nigeria Limited with US$190.03 million (29.03%) and Zenith Bank Plc with US$83.04 (12.68%).

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