WED, 31 AUG, 2022-theGBJournal| The total value of capital importation into Nigeria in the second quarter of 2022 stood at US$1,535.35 million from US$875.62 million in the corresponding quarter of 2021, showing an increase of 75.34%, according to the National Bureau of Statistics (NBS) latest report on Nigerian Capital Importation.
The NBS report shows that when compared to the preceding quarter, capital importation decreased by 2.40% from US$1,573.14 million.
The largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33% (US$757.32 million). This was followed by Other Investment with 41.09% (US$630.87 million) and Foreign Direct Investment (FDI) accounted for 9.58% (US$147.16 million) of total capital imported in Q2 2022.
Disaggregated by Sectors, capital importation into banking had the highest inflow of US$646.36 million amounting to 42.10% of total capital imported in the second quarter of 2022. This was followed by capital imported into the production sector, valued at US$233.99 million (15.24%), and the financing sector with US$197.31 million (12.85%).
Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of US$781.05 million, accounting for 50.87%. This was followed by Singapore and the Republic of South Africa valued at US$138.58 million (9.03%) and US$122.26 million (7.96%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q2 2022 with US$1,054.18 million, accounting for 68.66% of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at US$453.95 million (29.57%).
Categorization of Capital Importation by Bank shows that Citibank Nigeria Limited ranked highest in Q2 2022 with US$450.94 million (29.37%). This was followed by Standard Chartered Bank Nigeria Limited with US$323.24 million (21.05%) and Stanbic IBTC Bank Plc with US$163.92 (10.68%).
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