Nigeria’s capital importation falls to $1.03bn in Q2 2023 – NBS

In the second quarter of 2023, total capital importation into Nigeria stood at $1,030.21 billion, lower than $1,535.35 billion recorded in second quarter, indicating a decrease of 32.90 per cent, the National Bureau of Statistics (NBS), has said.

The bureau noted in its Nigeria Capital Importation Q2 2023, when compared to the preceding quarter, capital importation fell by 9.04 per cent from $1,132.65 billion in Q1 2023.

The statistics agency stated that Other Investment ranked top accounting for 81.28 per cent ($837.34 million) of total capital importation in Q2 2023, followed by Portfolio Investment with 10.37 per cent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 per cent ($86.03 million).

“The production sector recorded the highest inflow with $605.04 million, representing 58.73 per cent of total capital imported in Q2 2023, followed by the banking sector, valued at $194.58 million (18.89%), and Shares with $68.63 million (6.66%).

“Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.39 per cent, followed by Singapore and the Republic of South Africa with $177.44 million (17.22%) and $136.95 million (13.29%) respectively.

“Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.52 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.86%).

“First Bank of Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million (18.23%), followed by Citibank Nigeria Limited with $187.77 million (12.23%) and Rand Merchant Bank with $126.03 (6.47%), the bureau said.