By Milcah Tanimu
The National Bureau of Statistics (NBS) has released a report indicating a significant increase in total capital importation into Nigeria. In the first quarter of 2024, capital importation surged by 210.16 percent to reach $3.376 billion, compared to $1.088 billion recorded in the fourth quarter of 2023.
This rise is also notably higher than the $1.132 billion reported in the first quarter of 2023, reflecting an increase of 198 percent year-over-year.
The report provides a detailed breakdown of the capital importation sources. Portfolio Investment ranked the highest, contributing $2.075 billion, which accounts for 61 percent of the total capital importation. This was followed by Other Investment, which amounted to $1.181 billion or 35 percent. Foreign Direct Investment (FDI) was the least, with $119 million, representing 3.53 percent of the total capital importation for the quarter.
The Banking sector attracted the highest capital inflow, totaling $2.067 billion and representing 61.24 percent of the total. The Trading sector followed with $494 million (14.66 percent), and the Production/Manufacturing sector received $192 million (5.68 percent).
In terms of geographical origin, the majority of the capital importation came from the United Kingdom, which contributed approximately $1.806 billion, accounting for 53.49 percent of the total. The Republic of South Africa was the second-largest source with $582 million (17.25 percent), followed by the Cayman Islands with $186 million (5.52 percent).
Regarding destination states within Nigeria, Lagos state was the top destination, receiving $2.782 billion, which is 82 percent of the total capital importation. Abuja followed with $593 million (17.58 percent), and Ekiti state recorded a minimal $0.01 million.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation in Q1 2024, amounting to $1.257 billion (37.24 percent). Citibank Nigeria Limited followed with $548 million (16.22 percent), and Rand Merchant Bank Plc received $529 million (15.66 percent).
This substantial increase in capital importation highlights the growing confidence of foreign investors in Nigeria’s economic prospects and the country’s ongoing efforts to attract foreign investments.Nigeria’s Capital Importation Rises By 210% To $3.37 Billion in Q1 2024
By Milcah Tanimu
The National Bureau of Statistics (NBS) has released a report indicating a significant increase in total capital importation into Nigeria. In the first quarter of 2024, capital importation surged by 210.16 percent to reach $3.376 billion, compared to $1.088 billion recorded in the fourth quarter of 2023.
This rise is also notably higher than the $1.132 billion reported in the first quarter of 2023, reflecting an increase of 198 percent year-over-year.
The report provides a detailed breakdown of the capital importation sources. Portfolio Investment ranked the highest, contributing $2.075 billion, which accounts for 61 percent of the total capital importation. This was followed by Other Investment, which amounted to $1.181 billion or 35 percent. Foreign Direct Investment (FDI) was the least, with $119 million, representing 3.53 percent of the total capital importation for the quarter.
The Banking sector attracted the highest capital inflow, totaling $2.067 billion and representing 61.24 percent of the total. The Trading sector followed with $494 million (14.66 percent), and the Production/Manufacturing sector received $192 million (5.68 percent).
In terms of geographical origin, the majority of the capital importation came from the United Kingdom, which contributed approximately $1.806 billion, accounting for 53.49 percent of the total. The Republic of South Africa wNigeria’s Capital Importation Rises By 210% To $3.37 Billion in Q1 2024
By Milcah Tanimu
The National Bureau of Statistics (NBS) has released a report indicating a significant increase in total capital importation into Nigeria. In the first quarter of 2024, capital importation surged by 210.16 percent to reach $3.376 billion, compared to $1.088 billion recorded in the fourth quarter of 2023.
This rise is also notably higher than the $1.132 billion reported in the first quarter of 2023, reflecting an increase of 198 percent year-over-year.
The report provides a detailed breakdown of the capital importation sources. Portfolio Investment ranked the highest, contributing $2.075 billion, which accounts for 61 percent of the total capital importation. This was followed by Other Investment, which amounted to $1.181 billion or 35 percent. Foreign Direct Investment (FDI) was the least, with $119 million, representing 3.53 percent of the total capital importation for the quarter.
The Banking sector attracted the highest capital inflow, totaling $2.067 billion and representing 61.24 percent of the total. The Trading sector followed with $494 million (14.66 percent), and the Production/Manufacturing sector received $192 million (5.68 percent).
In terms of geographical origin, the majority of the capital importation came from the United Kingdom, which contributed approximately $1.806 billion, accounting for 53.49 percent of the total. The Republic of South Africa was the second-largest source with $582 million (17.25 percent), followed by the Cayman Islands with $186 million (5.52 percent).
Regarding destination states within Nigeria, Lagos state was the top destination, receiving $2.782 billion, which is 82 percent of the total capital importation. Abuja followed with $593 million (17.58 percent), and Ekiti state recorded a minimal $0.01 million.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation in Q1 2024, amounting to $1.257 billion (37.24 percent). Citibank Nigeria Limited followed with $548 million (16.22 percent), and Rand Merchant Bank Plc received $529 million (15.66 percent).
This substantial increase in capital importation highlights the growing confidence of foreign investors in Nigeria’s economic prospects and the country’s ongoing efforts to attract foreign investments.Nigeria’s Capital Importation Rises By 210% To $3.37 Billion in Q1 2024
By Milcah Tanimu
The National Bureau of Statistics (NBS) has released a report indicating a significant increase in total capital importation into Nigeria. In the first quarter of 2024, capital importation surged by 210.16 percent to reach $3.376 billion, compared to $1.088 billion recorded in the fourth quarter of 2023.
This rise is also notably higher than the $1.132 billion reported in the first quarter of 2023, reflecting an increase of 198 percent year-over-year.
The report provides a detailed breakdown of the capital importation sources. Portfolio Investment ranked the highest, contributing $2.075 billion, which accounts for 61 percent of the total capital importation. This was followed by Other Investment, which amounted to $1.181 billion or 35 percent. Foreign Direct Investment (FDI) was the least, with $119 million, representing 3.53 percent of the total capital importation for the quarter.
The Banking sector attracted the highest capital inflow, totaling $2.067 billion and representing 61.24 percent of the total. The Trading sector followed with $494 million (14.66 percent), and the Production/Manufacturing sector received $192 million (5.68 percent).
In terms of geographical origin, the majority of the capital importation came from the United Kingdom, which contributed approximately $1.806 billion, accounting for 53.49 percent of the total. The Republic of South Africa was the second-largest source with $582 million (17.25 percent), followed by the Cayman Islands with $186 million (5.52 percent).
Regarding destination states within Nigeria, Lagos state was the top destination, receiving $2.782 billion, which is 82 percent of the total capital importation. Abuja followed with $593 million (17.58 percent), and Ekiti state recorded a minimal $0.01 million.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation in Q1 2024, amounting to $1.257 billion (37.24 percent). Citibank Nigeria Limited followed with $548 million (16.22 percent), and Rand Merchant Bank Plc received $529 million (15.66 percent).
This substantial increase in capital importation highlights the growing confidence of foreign investors in Nigeria’s economic prospects and the country’s ongoing efforts to attract foreign investments.as the second-largest source with $582 million (17.25 percent), followed by the Cayman Islands with $186 million (5.52 percent).
Regarding destination states within Nigeria, Lagos state was the top destination, receiving $2.782 billion, which is 82 percent of the total capital importation. Abuja followed with $593 million (17.58 percent), and Ekiti state recorded a minimal $0.01 million.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation in Q1 2024, amounting to $1.257 billion (37.24 percent). Citibank Nigeria Limited followed with $548 million (16.22 percent), and Rand Merchant Bank Plc received $529 million (15.66 percent).
This substantial increase in capital importation highlights the growing confidence of foreign investors in Nigeria’s economic prospects and the country’s ongoing efforts to attract foreign investments.