The National Bureau of Statistics (NBS) has revealed that Nigeria’s capital importation increased by 210.16 per cent in the first quarter (Q1) of 2024.
Capital importation is the inflow of funds from abroad to fuel investment, trade, and manufacturing within a country.
The total capital imported stood at $3.38 billion in Q1 2024, up from the $1.09 billion recorded in Q4 2023.
The NBS data shows that on a year-on-year basis, the foreign investment into the country grew by 198.06 per cent compared to $1.13 billion in Q1 2023, indicating an increase of 198.06 per cent.
“In comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023,” the NBS stated.
The bureau further said foreign portfolio investments (FPI) ranked top with $2.08 billion, accounting for 61.48 per cent, followed by other investments with $1.18 billion, accounting for 34.99 per cent.
Foreign direct investment (FDI) recorded the least, with $119.18 million (3.53 percent) of total capital importation in Q1 2024.
The sector that received the highest capital investment was banking, with $2.07 billion, representing 61.24 per cent of total capital imported in Q1 2024, followed by trading and production/manufacturing sector.
The trading sector recorded $494.93 million (14.66 per cent), while production and manufacturing sector received $191.92 million (5.68 per cent).
“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,” the bureau said.
“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%).”
According to the NBS, only three states, Lagos, Abuja and Ekiti attracted capital importation.
Lagos State remained the top destination with $2.78 billion, accounting for 82.42 percent of the total imported capital, Abuja (FCT) followed with $593.58 million (17.58 percent), and Ekiti State with $12,750 million.
NBS said Stanbic IBTC Bank Plc received the highest capital importation by banks, recording $1.25 billion (37.24 per cent) during the reviewed period, Citibank Nigeria Limited got $547.71 million (16.22 per cent) and Rand Merchant Bank Plc received $528.73 (15.66 per cent).
