Capital importation into Nigeria surged by 210% quarter-on-quarter (QoQ) to $3.38 billion in the first quarter of 2024 (Q1’24), up from $1.09 billion in the fourth quarter of 2023 (Q4’23), according to the National Bureau of Statistics (NBS).
Year-on-year (YoY), capital importation also saw a significant increase, rising by 198% from $1.13 billion in Q1’23 to $3.38 billion in Q1’24.
The NBS capital importation report for Q1’24 highlighted:
“In Q1’24, total capital importation into Nigeria stood at $3.38 billion, higher than $1.13 billion recorded in Q1’23, indicating an increase of 198.06 percent. Compared to the preceding quarter, capital importation rose by 210.16 percent from $1.09 billion in Q4’23.”
Key segments of the report revealed:
- Portfolio Investment led with $2.08 billion, accounting for 61.5% of total capital importation.
- Other Investments followed with $1.18 billion, representing 35%.
- Foreign Direct Investment recorded the lowest inflow at $119.18 million, making up 3.53% of the total.
Sector-wise, the Banking Sector received the highest inflow at $2.07 billion, representing 61.24% of the total capital imported in Q1’24.
This was followed by the Trading Sector with $494.93 million (14.7%) and the Production/Manufacturing Sector** with $191.92 million (5.68%).
The primary sources of capital importation were:
- United Kingdom: $1.8 billion (53.5%)
- Republic of South Africa: $582.34 million (17.25%)
- Cayman Islands: $186.21 million (5.5%)
Among Nigerian states, Lagos remained the top destination for capital importation, receiving $2.8 billion, which accounts for 82.4% of the total.
Abuja (FCT) followed with $593.58 million (17.6%), and Ekiti State with $0.01 million.
In terms of institutions, Stanbic IBTC Bank Plc received the highest capital importation at $1.26 billion (37.24%), followed by Citibank Nigeria Limited with $547.71 million (16.22%), and Rand Merchant Bank Plc with $528.73 million (15.7%).
