Nigeria’s capital imports fell by 22.85% from $3.37 billion in the first quarter of the year to $2.60 billion in the second quarter of 2024.
This is based on the National Bureau of Statistics (NBS) ‘s Capital Importation data for the second quarter of the year.
However, Nigeria’s capital imports increased from $1.03 billion to the present amount by 152.8% over the same period last year.
Regarding capital imports by category, Other Investment came in second at $1.169 billion, accounting for 44.92% of all capital imports, after Portfolio Investment at $1.40 billion, or 53.93%.
Loans and other claims accounted for most foreign capital input into other investment categories. During the time, loans accounted for $1.15 billion of foreign capital imports, or 98.6% of all investments.
However, additional claims for foreign capital only brought in $16 million for the quarter.
Capital imports into stocks made up $149.93 million, or 10.67%, of the portfolio’s investments.
Foreign capital imports into money market instruments were $1.07 billion, or 76.6% of total foreign portfolio investment, in the second quarter of 2024.
At $177.79 million, foreign capital inflow into bonds accounted for 12.6% of foreign portfolio investments during the reporting period.
The least capital import in Q2 2024 was foreign direct investment (FDI), which contributed $29.83 million (1.15%). FDIs have been performing poorly in the past few quarters following an increase in MPR sucking up funds from the real sector of the economy to money market instruments.
According to the report, the banking industry reported the largest capital inflow in Q2 2024, with US$1.12 billion, or 43.15% of all capital importation. This is in line with the patterns from earlier quarters.
The manufacturing and production sectors followed the banking industry, accounting for US$624.71 million (23.99%) and US$569.22 million (21.86%), respectively.
The UK contributed the most to capital imports with US$1,120.15 million (43.01%). The Netherlands came in second with US$577.82 million (22.19%) and the Republic of South Africa with US$255.98 million (9.83%).
