….Lagos Attracts 65.35% Of Capital Inflows
The National Bureau of Statistics (NBS) at the weekend reported that Nigeria’s total capital importation value in the fourth quarter of last year marginally increased to $1.088 billion, slightly higher than the $1.060 billion recorded in Q4 2022 and represented a 2.62% year-on-year increase.
But then, the statistics agency in its ‘Nigeria Capital Importation Q4 2023’ report published on Friday noted that when compared to the preceding quarter’s capital inflow of$654.65 million, the Q4 2023 capital importation increased by 66.27%.
On destination of imported capital on state-by-state basis, the report reflected that Lagos State maintained its position as the foremost investment destination in the country, attracting $771.68 million of the capital inflow, thus accounted for 65.38% of the $1,088.48 billion total capital influx the country in the quarter under review which amounted to.
The NBS report showed that the Federal Capital Territory (Abuja) came second on the imported capital chart in Q4 2023, attracting $370.80 million, equivalent to 34.07% of the national capital importation.
Rivers state came third with $6.00 million imported capital in the quarter, accounting for 0.55% of the total capital imported to the country.
A further analysis of the capital importation profiles showed that in the quarter under review Other Investment led, accounting for $594.74 million, representing 54.64% of the capital inflow, followed by Portfolio Investment at $309.76 million or 28.46% while Foreign Direct Investment (FDI) totalling $183.97 million came third with 16.90% value.
On the sectoral distribution of the capital importation, the Production/manufacturing sector attracted the highest capital inflow, reaching $450.11 million, accounting for 41.35% of total capital imported in Q4 2023. The sector was followed by the Banking sector with $283.30 million, representing 26.03%, and financing with $135.59 million or 12.46% of the imported capital.
The Bureau further disclosed that capital importation in the quarter based on the origin of the inflow the United Kingdom dominated, contributing $267.24 million, representing 24.55% of the imported capital, followed closely by Mauritius with $226.18 million, which accounted for 20.78% of the capital inflow; and the Netherlands with $149.93 million or 13.77% of the total capital imported.
The report indicated that Stanbic IBTC Bank Plc led other banks in receiving capital importation into the country in Q4 2023, securing $499.45 million, which represents 45.88% of the inflow; followed by Citibank Nigeria Limited with $229.06 million or 21.04% of the inflow and Rand Merchant Bank Plc with $85.85 million, representing 7.89% of the imported capital during the quarter.
