Nigeria’s Capital Importation Drops 28% in 12-Month
Nigeria’s total capital importation drops by 28% in the first quarter of 2023, the National Bureau of Statistics said in its latest report. According to the report, total imported capital into Nigeria in Q1 2023 settled at US$1,132.65 million, a steep year-on-year decline compared with US$1,573.14 million recorded in Q1 2022,
When compared to the preceding quarter, capital importation rose by 6.78% from US$1,060.73 million in Q4 2022, the statistics office said in the update. The report said the largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% or US$649.28 million of total capital imported in Q1 2023.
This was followed by Other Investments which contributed 38.31% or US$435.76 million and Foreign Direct Investment (FDI) with 4.20% or US$47.60 million. Disaggregated by Sectors, NBS said capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023.
This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%). Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%.
This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively. By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at US$410.27 million (36.22%).
Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%). This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%). #Nigeria’s Capital Importation Drops 28% in 12-Month