Total capital importation into Nigeria in the third quarter of 2023 stood at US$654.65 million but lower than the US$1,159.67 million recorded in the corresponding quarter of year 2022, representing a decline of 43.55% year-on-year.
The latest ‘Nigeria Capital Importation Q3 2023’ report published by the National Bureau of Statistics (NBS) on its website indicated that when compared to the preceding quarter’s inflows, capital importation into the country fell by 36.45% from US$1,030.21 million in Q2 2023.
According to the statistics agency, an analysis of the capital inflows showed that Other Investment ranked top, accounting for 77.56% (US$507.77 million) of total capital importation in the quarter under review, followed by Portfolio Investment with 13.31% (US$87.11 million) and Foreign Direct Investment (FDI) with 9.13% (US$59.77 million).
A further appraisal of the report on sector-by-sector basis indicated that the Production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70% of total capital imported in Q3 2023, followed by the Financing sector, valued at US$127.93 million (19.54%), and Shares with US$85.49 million (13.06%).
On the countries of origin of the Capital Importation during the reference period, the Bureau reported that the funds originated largely from the Netherlands with US$175.62 million, which accounted for 26.83% share, followed by Singapore with US$79.15 million (12.09%), and the United States with US$67.04 million (10.24%).
On the capital importation into states, the report reflected that Lagos State still topped the destination chart in Q3 2023 with US$308.83 million, accounting for 47.18% of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73%) and Abia state with US$150.09 million (22.93%).
The report further showed that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in the quarter under review with US$222.84 million, representing 34.04% of the capital inflow, followed by Citibank Nigeria Limited with US$190.03 million, which accounted for 29.03% of the importation while Zenith Bank Plc came third with US$83.04 or 12.68% of the capital importation value in Q3 2023.
