Recent report by the National Bureau of Statistics has revealed that the total capital importation into Nigeria in Q1 2023 stood at $1.132 billion, lower than $1.573 billion recorded in Q1 2022, indicating a decrease of 28.00%. When compared to the preceding quarter, capital importation rose by 6.78% from $1.060 billion in Q4 2022.
The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% ($649.28 million) of total capital imported in Q1 2023. This was followed by Other Investment with 38.31% ($435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).
Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89% of total capital imported in Q1 2023. This was followed by capital imported into the production sector, valued at $256.12 million (22.61%), and IT Services with $216.06 million (19.08%).
Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with $673.64 million, accounting for 59.47%. This was followed by the United Arab Emirates and the United States valued at $108.28 million (9.56%) and $95.36 million (8.42%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q1 2023 with $704.87 million, accounting for 62.23% of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at $410.27 million (36.22%). Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with $424.13 million (37.45%). This was followed by Standard Chartered Bank Nigeria Limited with $360.33 million (31.81%) and Stanbic IBTC Bank with $151.85 (13.41%).