The National Bureau of Statistics (NBS) has announced that Nigeria saw a big increase in capital importation in the first quarter of 2024. The total amount rose to $3.3 billion from just $1.1 million in the first quarter of 2023. This was highlighted in their report titled “Nigeria Capital Importation Q1 2024.”
NBS stated, “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%.”
Compared to the previous quarter (Q4 2023), capital importation also went up by 210.16%, rising from $1.09 billion.
The report showed that portfolio investments were the largest, with $2.08 billion, making up 61.48% of the total. Other investments followed with $1.18 billion, or 34.99%. Foreign Direct Investment (FDI) was the smallest, with $119.18 million, or 3.53%.
The banking sector received the highest inflow, with $2.07 billion, representing 61.24% of the total. The trading sector received $494.93 million (14.66%), and the production/manufacturing sector got $191.92 million (5.68%).
Most of the capital came from the United Kingdom, totaling $1.81 billion, which is 53.49% of the total. This was followed by the Republic of South Africa with $582.34 million (17.25%) and the Cayman Islands with $186.21 million (5.52%).
The report also noted, “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.”
Stanbic IBTC Bank Plc received the most capital importation in Q1 2024, with $1.26 billion (37.24%), followed by Citibank Nigeria Limited with $547.71 million (16.22%) and Rand Merchant Bank Plc with $528.73 million (15.66%).
