Lagos State and the Federal Capital Territory (FCT) accounted for about 92.23% of capital importation into the Nigerian economy totaling US$1.535.35 billion in the second quarter of 2022, the National Bureau of Statistics (NBS) has reported.
From the total value of imported capital in Q2, analysis on state-by-state basis showed that Lagos State topped the value chart in Q2 2022 with US$1,054.18 million, accounting for 68.66% of total capital inflow while the FCT followed with US$453.95 million, representing 29.57% of the total capital imported.
Cumulatively, Lagos and FCT’s capital importation value totaled US$1508.13 leaving the other 35 states with about US$27.22 million balance of imported capital value.
The National Bureau of Statistics (NBS) gave these figures in its ‘Nigerian Capital Importation Q2 2022’ published on Wednesday.
According to the report, the imported capital in Q2 2022 represented an increase of 75.34% over the US$875.62 million investment attracted into the economy in the corresponding quarter of 2021.
However, when compared with the US$1.573.14 billion imported in the preceding quarter, the value of capital importation in Q2 decreased by 2.40%.
The report further indicated that the largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33% (US$757.32 million). This was followed by Other Investment with 41.09% (US$630.87 million) while Foreign Direct Investment (FDI) accounted for 9.58% (US$147.16 million) of total capital imported into the economy during the quarter under review.
The Bureau clarified: “Disaggregated by sectors, capital importation into banking had the highest inflow of US$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 US$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 US$781.05 million, accounting for 50.87%.
“This was followed by Singapore and the Republic of South Africa valued at US$138.58 million (9.03%) and US$122.26 million (7.96%) respectively”, it added.
The Bureau also reported that in terms of categorisation of capital importation by bank, Citibank Nigeria Limited ranked highest in Q2 2022 with US$450.94 million (29.37%), followed by Standard Chartered Bank Nigeria Limited with US$323.24 million (21.05%) and Stanbic IBTC Bank Plc with US$163.92 (10.68%).
