The National Bureau of Statistics reported on Monday that Nigeria’s capital importation rose to US$3,376.01 million quarter-on-quarter in the first quarter of this year, representing 210.16% increase over the US$1,088.48 million imported capital in Q4 2023.
The Bureau in the report titled ‘Nigeria Capital Importation Q1 2024’ published on its website, however clarified that on year-on-year basis, the total importation into the country in Q1 this year was higher than $1,132.65m recorded in Q1 2023, indicating an increase of 198.06%.
The national statistical system coordinating agency attributed the high surge in imported capital to the country during the quarter under review to the high Portfolio Investment valued at $2,075.59 million, accounting for 61.48% of the total capital importation.
It disclosed that Portfolio Investment was followed by Other Investment with $1,181.25m, accounting for 34.99% while Foreign Direct Investment (FDI) recorded the least value at $119.18m (3.53%) of total capital importation.
On the value of capital importation based on sectors, the Bureau reported that “the banking sector recorded the highest inflow with $2,067.44m, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at $494.93M (14.66%), and Production/Manufacturing sector with $191.92M (5.68%).
The Bureau reported that Capital Importation during the reference period based on source of origin was largely from the United Kingdom with US$1,805.83 million, showing 53.49% of the total capital imported, followed by Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).
A further analysis of the banking sector import showed that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38m (37.24%), followed by Citibank Nigeria Limited with $547.71m (16.22%) and Rand Merchant Bank Plc with $528.73 (15.66%).
When analyzed on state profile, the report reflected that “out of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $2,782.41m, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with $593.58m (17.58%), and Ekiti State with $0.01m.”
