Foreign capital importation to Nigeria surges by 210% in 3 months

Nigeria attracted foreign capitals worth $3.3 billion in the first three months of 2024, a report by the National Bureau of Statistics (NBS) has revealed. The report stated that the inflow was an increase of 198.06 per cent when compared to the $1.1 billion recorded in Q1 2023.

It stated that data showed capital importation rose by 210.16 per cent from the $1bn48 in Q4 2023.

The report further showed that out of the three states that recorded capital importation during the quarter, Lagos remained the top destination with $2.7bn, accounting for 82.42 per cent of the total capital imported. FCT followed with $593.5m (17.58 per cent) and Ekiti with $0.01m.

It went on to state that portfolio investment ranked top with $2bn, accounting for 61.48 per cent, followed by other investments with $1.1bn, accounting for 34.99 per cent while Foreign Direct Investment (FDI) recorded the least with $119.18m (3.53 per cent).

The report reads in part: “The banking sector recorded the highest inflow with $2bn, representing 61.24 per cent of total capital imported in Q1 2024, followed by the trading sector, valued at $494.9m (14.66 per cent), and production/manufacturing sector with $191.92m (5.68 per cent). Capital importation during the reference period originated largely from the United Kingdom with $1.8bn, showing 53.49 per cent of the total capital imported. This was followed by the Republic of South Africa with $582.3m (17.25 per cent) and the Cayman Islands with $186.2m (5.52 per cent).

“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1.2bn (37.24 per cent), followed by Citibank Nigeria Limited with $547.7m (16.22 per cent) and Rand Merchant Bank Plc with $528.7m (15.66 per cent).”