Capital importation rises 210% to $3.38 bn

cover, Financial Markets

Capital importation into the country grew Quarter-on-Quarter (QoQ) by 210 percent to $3.38 billion in the first quarter of 2024 (Q1’24) from $1.09 billion in the fourth quarter of 2023 (Q4’23).

The National Bureau of Statistics, NBS disclosed this yesterday in its capital importation report for Q1’24.

How ‘pregnant’ passenger stole my car, made me unconscious – 43-yr-old man narrates experience

Similarly, Year-on-Year, YoY capital importation rose by 198 percent to $ 3.38 billion from $1.13 billion in Q1’23.

NBS said: “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.

“In comparison to the preceding quarter, capital importation rose by 210.16 percent from $1.09 billion in Q4’23.

“Portfolio Investment ranked top with $2.08 billion, accounting for 61.5 percent, followed by other investment with $1.18 billion, accounting for 35 percent.

“Foreign Direct Investment recorded the least with $119.18 million (3.53 percent) of total capital importation in Q1’24.

“The banking sector recorded the highest inflow with $2.07 billion, representing 61.24 percent of total capital imported in Q1’24, followed by the trading sector, valued at $494.93 million (14.7 percent), and Production/Manufacturing sector with $191.92 million (5.68 percent).

“Capital Importation during the reference period originated largely from the United Kingdom with $1.8 billion, showing 53.5 percent of the total capital imported.

“This was followed by Republic of South Africa with $582.34 million (17.25 percent) and the Cayman Islands with $186.21 million (5.5 percent)

“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2.8 billion, accounting for 82.4 percent of the total capital imported.

“Abuja (FCT) followed with $593.58 million (17.6 percent) and Ekiti state with $0.01 million.

“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1’24 with $1.26 billion (37.24 percent) followed by Citibank Nigeria Limited with $547.71 million (16.22 percent) and Rand Merchant Bank Plc with $528.73 (15.7 percent)”