The Nation Bureau of Statistics has reported that the total value of capital importation into Nigeria in the second quarter of 2022 stood at $1.535 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34%.
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% ($757.32 million).
This was followed by Other Investment with 41.09% ($630.87 million) and Foreign Direct Investment (FDI) accounted for 9.58% ($147.16 million) of total capital imported in Q2 2022.
Disaggregated by Sectors, capital importation into banking had the highest inflow of $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 $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 $781.05 million, accounting for 50.87%. This was followed by Singapore and the Republic of South Africa valued at $138.58 million (9.03%) and $122.26 million (7.96%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q2 2022 with $1.054 billion, accounting for 68.66% of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $453.95 million (29.57%).
Categorization of Capital Importation by Bank shows that Citibank Nigeria Limited ranked highest in Q2 2022 with $450.94 million (29.37%). This was followed by Standard Chartered Bank Nigeria Limited with $323.24 million (21.05%) and Stanbic IBTC Bank Plc with $163.92 (10.68%).