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Nigeria’s total capital importation soared by 152.81% in Q2 2024, reaching $2.6 billion from the $1.03 billion recorded in Q2 2023 according to the National Bureau of Statistics.
However, in comparison to the preceding quarter, capital importation declined by 22.85% from $3.3 billion in Q1 2024.
The NBS, in its latest capital market importation report, disclosed that portfolio investments ranked top with $1.4 billion accounting for 53.93%, followed by Other Investments with $1.2 billion accounting for 44.92%. Foreign Direct Investment recorded the least with $29.83 million (1.15%) of total capital importation in Q2 2024.
“The banking sector recorded the highest inflow with US$1.1 billion, representing 43.15% of total capital imported in Q2 2024, followed by the production/manufacturing sector, valued at US$624.71 million (23.99%), and the trading sector with US$569.22 million (21.86%).
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“Capital Importation during the reference period originated largely from the United Kingdom with US$1.1 billion, showing 43.01% of the total capital imported. This was followed by the Netherlands with US$577.82 million (22.19%) and the Republic of South Africa with US$255.98 million (9.83%).
“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$1.4 billion accounting for 52.52% of the total capital imported. Abuja (FCT) followed with US$1.2 billion (47.48%), and Ekiti state with US$0.0003 million.
“Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with $818.46 million (31.43%), followed by Standard Chartered Bank Nigeria Limited with $654.79 million (25.14%) and Rand Merchant Bank Plc with $488.59 (18.76%).”
