Capital importation into Nigeria rose quarter-on-quarter (QoQ) by 6.78 percent to $1.13 billion in the first quarter of 2023 (Q1’23) from $1.06 billion in Q4’22.
Disclosing this in its Capital Importation Report for Q1’23, the National Bureau of Statistics, NBS, said the largest capital importation during the period was received from Portfolio Investments, which accounted for 57.3 percent ($649.28 million) of total capital imported.
The Bureau also noted that by sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.9 percent of total capital imported in Q1’23.
NBS stated: “Total capital importation into Nigeria in Q1’23 stood at $1.13 billion, lower than $1.57 billion recorded in Q1’22, indicating a decrease of 28 percent.
“When compared to the preceding quarter, capital importation rose by 6.78 percent from $1.06 million in Q4’22.
“The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.3 percent ($649.28 million) of total capital imported in Q1’23.
“This was followed by Other Investment with 38.3 percent ($435.76 million) and Foreign Direct Investment (FDI) with 4.2 percent ($47.6 million).
“Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.9 percent of total capital imported in Q1’23.
“This was followed by capital imported into the production sector, valued at $256.12 million (22.6 percent), and IT Services with $216.06 million (19.08 percent).
“Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1’23 with $673.64 million, accounting for 59.47 percent .
“This was followed by the United Arab Emirates and the United States valued at $108.28 million (9.56 percent) and $95.36 million (8.42 percent) respectively.
“By Destination of Investment, Lagos State remained the top destination in Q1 2023 with $704.87 million, accounting for 62.2 percent of total capital investment in Nigeria.
“This was followed by Abuja (FCT), valued at $410.27 million (36.2 percent).
“Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1’23 with $424.13 million (37.45 percent).
“This was followed by Standard Chartered Bank Nigeria Limited with $360.33 million (31.8 percent) and Stanbic IBTC Bank with $151.85 million (13.41 percent).”
SOURCE: VANGUARD
