Nigeria’s capital import drops by 28% in Q1 2023

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The total capital imported into Nigeria in the first quarter (Q1) 2023 stood at $1,132 billion. This is lower than the $1,573 billion recorded in Q1 2022, indicating a decrease of 28.00 percent.

However, when compared to the preceding quarter, capital importation rose by 6.78 percent from $1,060 billion in Q4 2022.

The National Bureau of Statistics  (NBS), in its Q1 2023 capital importation report released yesterday said the bulk of the capital came in through Portfolio Investment, which accounted for 57.32 percent, about  $649.28 million.

The NBS report said this was followed by Other Investment with 38.31 percent ($435.76 million) and Foreign Direct Investment (FDI) with 4.20 percent ($47.60 million).

According to the NBS, when disaggregated by sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89 percent of total capital imported in Q1 2023. This was followed by capital imported into the production sector, valued at $256.12 million, representing 22.61 percent, and information technology  (IT) Services with $216.06 million, representing 19.08 percent. 

Capital Importation by Country of Origin according to the report, reveals that capital from the United Kingdom ranked top in Q1 2023 with $673.64 million, accounting for 59.47 percent. This was followed by the United Arab Emirates and the United States valued at $108.28 million (9.56%) and $95.36 million (8.42%) respectively. 

“By destination of Investment, Lagos state remained the top destination in Q1 2023 with $704.87 million, accounting for 62.23 percent of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at $410.27 million, representing 36.22 percent. “Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with $424.13 million, accounting for 37.45 percent,  followed by Standard Chartered Bank Nigeria Limited with $360.33 million, representing 31.81 percent and Stanbic IBTC Bank with $151.85 representing 13.41 percent,” the report said.

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