Home News Finance Nigeria’s Capital Imports Surged By 210% in Q1 2024
FinanceNews

Nigeria’s Capital Imports Surged By 210% in Q1 2024

196

Ngeria’s capital importation rose dramatically by 210.16% in the first quarter of 2024 compared to the previous quarter, reaching $3.38 billion, according to the National Bureau of Statistics (NBS). This marks a significant year-on-year increase of 198.06% from $1.13 billion in Q1 2023.

The surge was driven primarily by portfolio investments, which contributed $2.08 billion or 61.48% of the total capital imported. Other investments accounted for $1.18 billion or 34.99%, while foreign direct investment (FDI) was the lowest at $119.18 million, making up just 3.53% of the total.

The banking sector led the inflow with $2.07 billion, representing 61.24% of the total capital imported. The trading sector followed with $494.93 million or 14.66%, and the production/manufacturing sector received $191.92 million, accounting for 5.68%.

The NBS report highlighted that the majority of the capital importation originated from the United Kingdom, which contributed $1.81 billion or 53.49%. This was followed by the Republic of South Africa with $582.34 million (17.25%) and the Cayman Islands with $186.21 million (5.52%).

Among Nigerian states, Lagos was the top destination for capital importation, attracting $2.78 billion or 82.42% of the total. Abuja (FCT) followed with $593.58 million (17.58%), and Ekiti State recorded a minimal $0.01 million.

Stanbic IBTC Bank Plc received the highest capital importation among banks with $1.25 billion, representing 37.24% of the total. Citibank Nigeria Limited and Rand Merchant Bank Plc followed with $547.71 million (16.22%) and $528.73 million (15.66%), respectively.

While this significant increase in capital importation may seem to reflect growing foreign investment confidence in Nigeria’s banking sector, the country is plagued with several economic crisis which has seen major firms and companies withdraw their investment. 

Read more: 70 Terrorists Killed By Joint Task Force In Lake Chad Basin

About The Author

Related Articles

FinanceNews

Customs Hits N5.07 Trillion Revenue Target Following Forex Crisis and Higher Tariffs

The Nigeria Customs Service (NCS) announced on Tuesday that it has met...

FinanceNews

Argentina’s Monthly Inflation Drops to 2.7% Following Cuts in Government Spending and Subsidies

Argentina’s monthly inflation dropped to 2.7 per cent in October, reaching its...

BusinessNews

Oando Faces Backlash for Paying Influencers to Create PR Posts Following NGX Suspension and Missed Financial Report Deadlines

Oando PLC, a Nigerian energy company, is being criticised for allegedly paying...

Manufacturers
BusinessNews

Manufacturers Lament Massive Loss Due to Naira Depreciation and Forex Scarcity

The Chairman of the Ogun State chapter of the Manufacturers Association of...