Nigeria records $1.5b capital import in 3 months

Nigeria recorded a total of $1.535 billion in capital importation in the second quarter of this year.

The National Bureau of Statistics (NBS) disclosed this in its Nigerian Capital Importation Q2 2022 report released on Wednesday.

The agency said the figure was 75.34 percent higher than the $875.62 million recorded by the country in the corresponding quarter of 2021.

It, however, added that the value of the capital importation was 2.40 percent lower than the $1.573 billion recorded in the first quarter of this year.

According to NBS, the largest value of capital importation was received through Portfolio Investment, which accounted for S$757.32 million or 49.33 percent of the total capital importation during the period.

This was followed by Other Investment with $630.87 million or 41.09 percent and Foreign Direct Investment (FDI) with $147.16 million or 9.58 percent of the total figure.

On a sector-by-sector basis, capital importation into banking had the highest inflow of $646.36 million (42.10 percent) of total capital imported in Q2 2022.

This was followed by the production sector with $233.99 million (15.24 percent), and the financing sector with US$197.31 million (12.85 percent).

READ ALSO: Nigeria’s capital importation loses $6.92bn, as inflows dip in four consecutive quarters

On capital importation by country of origin, NBS revealed that the United Kingdom ranked as the number one source of capital imported into Nigeria in Q2 2022 with $781.05 million (50.87 percent).

This was followed by Singapore and South Africa with $138.58 million (9.03 percent) and $122.26 million (7.96 percent) respectively.

By Destination of Investment, Lagos State retained the top position with $1.054 billion (68.66 percent) of total capital investment into Nigeria.

The Nigeria commercial nerve center was followed by Abuja with $453.95 million or 29.57 percent of total capital investment in the country.

Categorization of capital importation by the bank revealed the following: Citibank Nigeria Limited – $450.94 million (29.37 percent), Standard Chartered Bank Nigeria Limited – $323.24 million (21.05 percent), and Stanbic IBTC Bank Plc – $163.92 (10.68 percent).

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