The total capital importation into Nigeria in the first quarter of 2023 stands at $1,132.65 million which is lower than the $1,573.14 million, indicating a decrease of 28.00% as recorded in the same period in 2022.
This was contained in a Nigeria Important Capital report released by the National Bureau of Statistics and made available to Channel Network Afrique, CNA in Abuja.
The report said the total capital importation when compared to the preceding quarter, rose by 6.78% from $1,060.73 million in the fourth quarter of 2022.
According to the NBS report, the largest capital importation during the period was received from Portfolio Investment accounting for $649.28 million which represents 57.32% of total capital imported into the country in the first quarter of 2023.
This was followed by other Investment with $435.76 million ( 38.31%) and Foreign Direct Investment, FDI with $47.60 million (4.20%).
“Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023.
“This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%)” the report said.
The Capital Importation which was further disaggregated by country of origin reveals that capital from the United Kingdom ranked top in the first quarter of 2023 with $673.64 million representing 59.47% while the United Arab Emirates and the United States valued at $108.28 million (9.56%) and $95.36 million (8.42%) respectively.
The report further acknowledged Lagos state as the top investment destination in the first quarter of 2023 with $704.87 million, (62.23%) of total capital investment in Nigeria.
The Federal Capital Territory, Abuja valued was valued at $410.27 million (36.22%).
“Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%).
“This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%)” the NBS report stated.
