…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.
…Republic of South Africa followed with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).
MON JULY 01 2024-theGBJournal| The latest report on ‘Nigeria Capital Importation’ (Q1-2024) indicates rising foreign investors confidence in the country’s economic prospects and stability.
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%, according to the National Bureau of Statistics (NBS).
Highlights
Portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48%, followed by Other Investment with US$1,181.25 million, accounting for 34.99%.
Foreign Direct Investment recorded the least with US$119.18 million (3.53%) of total capital importation in Q1 2024.
The report shows that 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%).
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%).
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 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 Merchant Bank Plc with US$528.73 (15.66%).
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