Capital importation into Nigeria down by 28% in Q1 2023, says NBS

National Bureau of Statistics (NBS) on Sunday, said total capital importation into Nigeria in Q1 2023 stood at $1,132.65 million, lower than $1,573.14 million recorded in Q1 2022, indicating a 28.00 percent drop.

When compared to the preceding quarter, capital importation rose by 6.78 percent from $1,060.73 million in Q4 2022.

This was even as it also reported that the largest capital importation during the period came from Portfolio Investment, which accounted for 57.32 percent ($649.28 million) of total capital imported in Q1 2023.

This was followed by Other Investments with 38.31 per cent ($435.76 million) and Foreign Direct Investment (FDI) with 4.20 per cent ($47.60 million).

Disaggregated by sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89 percent of total capital imported in Q1 2023.

This, NBS said, was followed by capital imported into the production sector, valued at  $256.12 million (22.61 per cent), and IT Services with $216.06 million (19.08 per cent).

Equally, the bureau added that Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked tops in Q1 2023 with $673.64 million, thus accounting for 59.47 percent.