Nigeria’s Capital Imports Surged By 210% in Q1 2024
Confidence UbaniJuly 2, 20241 Mins read1k 
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
Burkina Faso Takes Full State Control of $68 Million Gold Mine, Marks Shift Away from Foreign Miners
Burkina Faso’s military-led government has granted an industrial mining permit to its...
First Lady Remi Tinubu Urges Musicians to Cut Luxury Cars, But Her Own Convoy Tells a Different Story
Nigeria’s First Lady, Senator Oluremi Tinubu, has sparked a fresh debate after...
Tinubu and National Assembly Caught Diverting N8.4bn From Almajiri Commission to Roads, Dental Chairs, Solar Lights
The National Commission for Almajiri and Out-of-School Children Education was allocated N8.4...
Tinubu Promised Free Education and Student Loans, Yet His Government Tried to Hike WAEC and NECO Fees to N50,000 Before Public Outcry Forced a Suspension
In January 2022, long before the campaign rallies and the victory speeches,...