Nigeria total capital importation drops by 28.09% in Q1 2022, says NBS

The National Bureau of Statistics (NBS) has disclosed that the total value of capital importation into Nigeria in the first quarter (Q1) of 2022 stood at $1,573.14 million from $2,187.63 million in the preceding quarter, showing a decrease of 28.09per cent.

NBS reported titled, ‘Nigerian Capital Importation’ said: “When compared to the corresponding quarter of 2021, capital importation decreased by 17.46per cent from $1,905.89 million.

“The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87per cent ($957.58 million).

“This was followed by Other Investment with 29.28per cent or $460.59 million and Foreign Direct Investment (FDI) accounted for 9.85 or $154.97 million of total capital imported in Q1 2022.

“Disaggregated by Sectors, capital importation into banking had the highest inflow of $818.84 million accounting for 52.05per cent of total capital imported in the first quarter of 2022.

“This was followed by capital imported into the production sector, valued at $223.67 million or 14.22 per cent and the financing sector with $199.37 million or 12.67 per cent.”

The report stated that capital Importation by country of origin revealed that United Kingdom ranked top as the source of capital imported into Nigeria in the first quarter of 2022 with a value of $1.021.21 million, accounting for 64.92per cent.

“This was followed by the Republic of South Africa and the United States of America valued at $117.50 million or 7.47per cent and $82.07 million or 5.22 per cent respectively,” the report added.

By destination of investment, Lagos State remained the top destination in Q1 2022 with $1,119.44 million accounting for 71.16 per cent of total capital investment into Nigeria.

This was followed by investment into Abuja (FCT), valued at $446.81 million or 28.40 per cent.

Categorization of total capital investment by Bank shows that Standard Chartered Bank Nigeria ranked highest in Q1 2022 with $543.20 million or 34.53per cent.

This was followed by Citi Bank Nigeria Limited with $439.03 million or 27.91per cent and Stanbic IBTC Bank Plc with $251.52 or 15.99 per cent.