Capital importation rises by 152.8% to $2.6bn, says NBS

Foreign Capital importation into the country rose by 152.8 per cent Year-on-Year, YoY, to $2.6 billion second quarter of the year, Q2’24, from $1.03 billion in same period of 2023, Q2’23.

However, on quarter-on-quarter, QoQ basis, Capital Importation fell by 22.85   percent from $3.37 billion in Q1’24. The National Bureau of Statistics (NBS) disclosed this on Tuesday in its Capital Importation Report for Q2’24. 

The NBS   also noted that banking sector had the highest inflows of $1.12bn during the review period. The NBS said: “In Q2’24, total capital importation into Nigeria stood at $2.6 billion, higher than $1.03 billion recorded in Q2’23, indicating an increase of 152.81 per cent.  

In comparison to the preceding quarter, capital importation declined by 22.85 per cent from $3.38 million in Q1’24. “Portfolio Investment ranked top with $1.4 billion, accounting for 53.9 percent, followed by Other Investment with $1.17 billion, accounting for 44.9 per cent. Foreign Direct Investment recorded the least with $29.83 million (1.15per cent) of total capital importation in Q2 2024.”

The report stated that the Banking sector recorded the highest inflow with $1,123.95 million, representing 43.15per cent of total capital imported in Q2 2024, followed by the Production/Manufacturing sector, valued at $624.71 million (23.99per cent), and Trading sector with $569.22 million (21.86per cent).

Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $1,367.84 million, accounting for 52.52per cent of the total capital imported. Abuja (FCT) followed with$1,236.64 million (47.48per cent), and Ekiti state with $0.0003 million.

“Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with $818.46 million (31.43per cent), followed by Standard Chartered Bank Nigeria Limited with $654.79 mil-lion (25.14per cent) and Rand Merchant Bank Plc with $488.59 (18.76per cent).”