….As Lagos State attracts 62.23% of investment
The total value of imported capital into Nigeria in the first quarter of this year (Q1 2023) increased to $1.13 billion from $1.06 billion recorded in the last quarter of 2022 according to the National Bureau of Statistics (NBS).
The statistics agency, in its ‘Nigeria Capital Importation Q1 2023’ report published on Monday on its website, reported that the nation’s total capital importation in the quarter under review stood at US$1,132.65 million, representing 28.00% lower than the US$1,573.14 million recorded in Q1 2022.
It, however, clarified that when compared to the preceding quarter, the country’s capital importation rose by 6.78% from US$1,060.73 million in Q4 2022.
An analysis of the report on capital importation type reflected that the largest capital importation in Q1 2023 was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).
The Bureau also disclosed that when disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023, followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).
Similarly, the report indicated that capital importation on the basis of Country of Origin reveals the United Kingdom ranked top in the quarter under review with US$673.64 million, accounting for 59.47%, followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively.
The NBS further reported that categorization of the country’s capital importation in Q1 2023 by Destination of Investment, Lagos State remained the top destination with US$704.87 million, accounting for 62.23% of total capital investment in the country, followed by Abuja (FCT), valued at US$410.27 million (36.22%).
It added that categorization of Capital Importation by banks showed that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%), followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%).
