The total capital imported into Nigeria in the second quarter (Q2) 2023 stood at $1,030.21 million, a loss of 32.90 percent over the $1,535.35 million recorded in Q2 2022. When compared to the preceding quarter, capital importation fell by 9.04 percent from $1,132.65 million in Q1 2023, according to the National Bureau of Statistics (NBS), in its Nigerian capital importation report for Q2 2023 released yesterday.
The NBS in the report, noted that Other Investment ranked top accounting for 81.28 percent, about $837.34 million of total capital importation in Q2 2023. It said this was followed by Portfolio Investment with 10.37 percent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.03 million).
The report noted that the production sector recorded the highest inflow with $605.04 million, representing 58.73 percent of total capital imported in Q2 2023, followed by the banking sector, valued at $194.58 million, that is 18.89 percent, and Shares with $68.63 million, representing 6.66 percent.
According to NBS, “Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.39 percent, followed by Singapore and the Republic of South Africa with $177.44 million 17.22 percent and $136.95 million 13.29 percent respectively.”
Lagos state maintained the top destination in Q2 2023 with $778.06 million, accounting for 75.52 percent of total capital, followed by Abuja (FCT), with $194.28 million, 18.86 percent, the report said.
NBS also said that First Bank of Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million, about 18.23 percent, followed by Citibank Nigeria Limited with $187.77 million which is 12.23 percent and Rand Merchant Bank with $126.03, just 6.47 percent.