The National Bureau of Statistics (NBS) has revealed that the total capital importation into Nigeria in Q1 2024 stood at US$3.376 billion, higher than US$1.133 billion recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the preceding quarter, capital importation rose by 210.16% from US$1.088 billion in Q4 2023.
• Portfolio Investment ranked top with US$2.076 billion, accounting for 61.48%, followed by Other Investment with US$1.181 billion, accounting for 34.99%. Foreign Direct Investment recorded the least with US$119.18 million (3.53%) of total capital importation in Q1 2024.
• The Banking sector recorded the highest inflow with US$2.067 billion, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at US$494.93 million (14.66%), and Production/Manufacturing sector with US$191.92 million (5.68%).
• Capital Importation during the reference period originated largely from the United Kingdom with US$1.806 billion, showing 53.49% of the total capital imported. 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%).
• Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2.782 billion, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million (17.58%), and Ekiti state with US$0.01 million.
• Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with US$1.257 billion (37.24%), followed by Citibank Nigeria Limited with US$547.71 million (16.22%) and Rand Merchant Bank Plc with US$528.73 (15.66%).