NIGERIA’S CAPITAL IMPORTATION SURGES 210% TO $3.37M IN Q1 2024
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According to recently published National Bureau of Statistics (NBS) data, total capital imports into Nigeria increased by 210.16% to $3,376 million during the first quarter of 2024.
The increase, per the report, came from $1,088 million reported in Q4 2023.
The rise is greater than the $1,132 million reported in the first quarter of 2023, signifying 198% growth.
According to the report’s additional statistics, Portfolio Investment came in first place with US$2,075 million, accounting for 61% of the total, followed by other investments with US$1,181 million, representing 35%.
Foreign Direct Investment recorded the least, with US$119 million (3.53 percent) of total capital importation in Q1 2024.
CUSTOMS INTERCEPT ARMS SHIPMENT WORTH N13.9 BILLIOON IN RIVERS
The Banking sector recorded the highest inflow with US$2,067 million, representing 61.24 percent of total capital imported in Q1 2024, followed by the Trading sector, valued at about $494 million (14.66 percent), and the production/manufacturing sector with about $192 million (5.68 percent).
Capital Importation during the reference period originated largely from the United Kingdom, with about $1,806 million, showing 53.49 percent of the total capital imported.
This was followed by the Republic of South Africa with $582 million (17.25 percent) and the Cayman Islands with US$186 million (5.52 percent).
Of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $2,782 million, accounting for 82 percent of the total capital imported.
Abuja followed with $593 million (17.58 percent) and Ekiti State with $0.01 million.
Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257 million (37.24 percent), followed by Citibank Nigeria Limited with about $548 million (16.22 percent) and Rand Merchant Bank Plc with about $529 million (15.66 percent).
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