Capital importation rises 152.8% % to $2.6 bn

Foreign Capital importation into the country rose by 152.8 per cent Year-on-Year, YoY, to $2.6 billion second quarter of the year, Q2’24, from $1.03 billion in same period of 2023, Q2’23.

However, on quarter-on-quarter, QoQ basis, Capital Importation fell by 22.85   percent from $3.37 billion in Q1’24. The National Bureau of Statistics, NBS, disclosed this yesterday in its  Capital Importation Report for Q2’24.

The NBS   also noted that banking sector had the highest inflows of $1.12bn during the review period.

The NBS said: “In Q2’24, total capital importation into Nigeria stood at $2.6 billion, higher than $1.03 billion recorded in Q2’23, indicating an increase of 152.81 percent.

In comparison to the preceding quarter, capital importation declined by 22.85 percent from $3.38 million in Q1’24.

“Portfolio Investment ranked top with $1.4 billion, accounting for 53.9 percent, followed by Other Investment with $1.17 billion, accounting for 44.9 percent.

“Foreign Direct Investment recorded the least with $29.83 million (1.15 percent) of total capital importation in Q2’24.

“The Banking sector recorded the highest inflow with $1.12 billion, representing 43.15 percent of total

capital imported in Q2’24, followed by the Production/Manufacturing sector, valued at $624.71

million (23.9 percent), and Trading sector with $569.22 million (21.86 percent).”