The amount of foreign capital imported into the nation increased by 152.8 percent. Year over year, or YoY, from $1.03 billion in the same time of 2023, Q2’23, to $2.6 billion in Q2’24.
However, from $3.37 billion in Q1’24 to $22.85% on a quarter-over-quarter, or QoQ, basis, Capital Importation decreased.
This was revealed yesterday in the Capital Importation Report for Q2’24 by the National Bureau of Statistics, or NBS. The banking industry saw the largest inflows during the study period, according to the NBS, with $1.12 billion.
According to the NBS, “Total capital importation into Nigeria stood at $2.6 billion in Q2’24, higher than the $1.03 billion recorded in Q2’23, indicating a 152.81 percent increase.”
Capital importation decreased from $3.38 million in Q1’24 to $22.85% less than the previous quarter. With $1.4 billion, or 53.9 percent of the total, Portfolio Investment came in first, followed by Other Investment ($1.17 billion, or 44.9 percent).
In Q2 of 24 foreign direct investment accounted for the least amount of all capital imports, $29.83 million or 1.15 percent.
The banking industry saw the largest inflow, totalling $1.12 billion, or 43.15 percent of the total. In Q2’24, capital imports totalled $624.71, with the Production/Manufacturing sector coming in second.
