… Lagos accounts for 56.6% of capital inflow in Q4 2022
The National Bureau of Statistics (NBS) has reported that total capital importation into Nigeria in 2022 stood at US$5,328.88 million in 2022, representing a decrease of 20.47% from US$6,700.51 million in 2021.
The Bureau, which gave these data in its ‘Nigeria Capital Importation Q4 2022’ report, indicated that in Q4 2022, the country’s total capital importation totaled US$1,060.73 million, lower than US$2,187.63 million recorded in Q4 2021 and represented a decrease of 51.51%.
The statistics agency indicated that the slide in the total value of imported capital to the country in the quarter under review represented a decline of 8.53% from US$1,159.67 million recorded in Q3 2022.
It clarified that in Q4 2022, the largest capital importation was received from Other Investment, which accounted for 65.17% (US$691.23 million) followed by Portfolio Investment with 26.89% (US$285.26 million) and Foreign Direct Investment (FDI) with 7.94% (US$84.23 million).
According to the Bureau, a disaggregation of the capital importation by sectors showed that capital importation into the production sector recorded the highest inflow of US$392.54 million, representing 37.01% of total capital imported in Q4 2022, adding this is followed by capital imported into the banking sector, valued at US$255.45 million (24.08%), and Telecoms with US$168.27 million (15.86%).
The agency also reported that capital importation by Country of Origin in Q4 2022 indicate that capital from the United Kingdom ranked top in Q4 2022 with US$455.24 million, accounting for 42.92%, followed by the Republic of South Africa and the United Arab Emirates valued at US$119.31 million (11.25%) and US$116.82 million (11.01%) respectively.
The report further showed that by Destination of Investment, Lagos State remained the top destination in Q4 2022 with US$600.54 million, accounting for 56.62% of total capital investment in the country, followed by Abuja (FCT), valued at US$424.50 million (40.02%).
The Bureau also reported that Categorization of Capital Importation by Banks showed that Citibank Nigeria Limited ranked top in Q4 2022 with US$308.72 million (29.10%),followed by Standard Chartered Bank Nigeria Limited with US$232.45 million (21.91%) and Rand Merchant Bank with US$102.00 (9.62%).
