Capital Importation Into Nigeria Fall By 28% In Q1, 2023

National Bureau of Statistics

Capital Importation Into Nigeria Fall By 28% In Q1, 2023

National Bureau of Statistics (NBS), yesterday, 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 per cent drop.

When compared to the preceding quarter, capital importation rose by 6.78 per cent 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, that accounted for 57.32 per cent ($649.28 million) of total capital imported in Q1 2023.

This was followed by Other Investment 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 per cent 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 US$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 per cent. This was followed by the United Arab Emirates and the United States valued at $108.28 million (9.56 per cent) and US$95.36 million (8.42 per cent) respectively.

However, by Destination of Investment, Lagos State remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23 per cent of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at US$410.27 million (36.22 per cent).

Meanwhile, categorisation of Capital Importation by banks shows that Citibank Nigeria Limited ranked tops in Q1 2023 with US$424.13 million (37.45 per cent). This, NBS explained, was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81 per cent) and Stanbic IBTC Bank with US$151.85 (13.41 per cent).