Victor Ezeja
Nigeria’s Banking Sector recorded the highest inflow with $2.06 billion, representing 61.24% of total capital imported in the first quarter (Q1) of 2024.
According to a report on capital importation in the first quarter of 2024 released by the National Bureau of Statistics (NBS) on Monday, Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1.25 billion (37.24%).
Join our WhatsApp ChannelOthers in the top five banks are Citibank Nigeria Limited with $547.71 million (16.22%), Rand Merchant Bank Plc with $528.73 (15.66%), Standard Chartered Bank Nigeria Limited with $399.41 million and Access Bank Plc.
The total capital imported in Q1 2024 rose by 210.16% from $1.088.48 million in Q4 2023 to $3.37 billion in Q1 2024. On year-on-basis, it increased by 198.06% when compared to S$1,132.65 recorded in Q1 2023.
The trading sector came second with $494.93 million which is 14.66%, followed by the Production/Manufacturing sector with $191.92 million representing 5.68% of capital imported into the country. Telecoms recorded $191.57 million and IT Services, $171.70 million. Oil & Gas, and Drilling recorded zero capital importation within the period.
Capital Import By Type of Investment
According to the report, Portfolio Investment took the lead recording $2.07 billion, accounting for 61.48%. This is followed by Other Investment with $1.18 billion, representing 34.99%. Foreign Direct Investment recorded the least with $119.18 million which is 3.53% of total capital imported within the period under review. While it decreased by 35.22% on QoQ basis, FDI increased by 150.39% YoY.
On the origination of Capital Importation during the period, the NBS report said it came largely from the United Kingdom with $1.80 billion, which is 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%),” it added.
READ ALSO: Capital Importation To Nigeria Hits $1.13bn In Q1, UK Leads Origin Of Investments
Lagos Remains To destination for Capital inflow
The NBS report revealed that only three states recorded capital importation with Lagos remaining the top with $2.78 billion, which represents 82.42% of the total capital imported. “Abuja (FCT) followed with $593.58 million (17.58%), and Ekiti State with $0.01 million.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
