Nigeria’s capital importation declines by 2.4 percent in the second quarter of 2022.
The latest data from the National Bureau of Statistics (NBS) shows that the total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent.
Capital importation however decreased by 2.40 percent from $1.57 billion compared to the first quarter of 2022.
Meanwhile, 32 of the 36 states in the country failed to attract any investment in the quarter under review.
Only four states received capital investments in Q2 2022; Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million), Kogi ($2 million), and Ekiti ($0.50 million).
Lagos state alone accounted for 68.66 percent of the total capital inflow in the quarter under review.
The largest amount of capital importation by type was received through portfolio investment, which accounted for 49.33 percent ($757.32 million).
This was followed by other investments with 41.09 percent ($630.87 million) and foreign direct investment (FDI) accounted for 9.58 percent ($147.16 million) of total capital imported in Q2 2022.
The highest sectors that received capital investment were banking ($646.36 million) amounting to 42.10 percent of total capital imported in the second quarter of 2022.
This was followed by production ($233.99 million), and the financing sector ($197.31 million), while telecoms ($153.50 million); shares ($152.41 million); and IT services ($0.05 million) sectors received the lowest capital investment.
The top three highest capital imports by country into Nigeria were the United Kingdom ($781.05 million), which accounted for 50.87 percent of the total capital inflow in Q2 2022; Singapore ($138.58 million); and South Africa ($122.26 million).
