Foreign investment inflows into Nigeria increased to $3.38 billion in the first quarter of 2024, marking a 210.16 percent rise from the $1.09 billion reported in the fourth quarter of 2023, as per the latest capital importation report by the National Bureau of Statistics (NBS).
Conversely, the year-on-year growth of capital importation into Nigeria was 198 percent, up from $1.13 billion in the first quarter of 2023.
“Portfolio investment ranked top with $2,075.59 million, accounting for 61.48 percent, followed by Other investment with U$1,181.25 million, accounting for 34.99 percent. Foreign direct investment recorded the least with $119.18 million (3.53 percent) of total capital importation in Q1 2024,” the NBS report stated.
In Q1 2024, the banking sector saw the largest capital inflow, amounting to $2,067.44 million, which is 61.24 percent of the total capital imported. This was followed by the trading sector with an inflow of $494.93 million, accounting for 14.66 percent, and the production/manufacturing sector, which attracted $191.92 million, making up 5.68 percent.
NBS stated that “capital importation during the reference period originated largely from the United Kingdom with $1,805.83 million, showing 53.49 percent of the total capital imported. This was followed by the Republic of South Africa with $582.34 million (17.25 percent) and the Cayman Islands with $186.21 million (5.52 percent).
“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2,782.41 million, accounting for 82.42 percent of the total capital imported. Abuja (FCT) followed with $593.58 million (17.58 percent), and Ekiti state with $0.01 million.
“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24 percent), followed by Citibank Nigeria Limited with $547.71 million (16.22 percent) and Rand Merchant Bank Plc with $528.73 (15.66 percent),” NBS said.
