The National Bureau of Statistics has reported a significant rise in the nation’s capital importation, which surged by 210% in the first quarter of 2024.
Released on Monday, the report indicated that total importation into Nigeria reached $3,376.01 million, a substantial increase from the $1,132.65 million recorded in Q1 2023, representing a 198.06% growth.
Comparing this to Q4 of the previous year, the national importation value saw a rise of 210.16%, up from $1,088.48 million.
According to the bureau, this growth is primarily due to the high Portfolio Investment, valued at $2,075.59 million, accounting for 61.48% of the total.
Other Investment followed with $1,181.25 million, representing 34.99%. Foreign Direct Investment was the smallest contributor, with $119.18 million (3.53%) of the total capital importation in Q1 2024.
In part, the NBS statement read, “The banking sector recorded the highest inflow with $2,067.44m, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at $494.93M (14.66%), and Production/Manufacturing sector with $191.92M (5.68%).
“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38m (37.24%), followed by Citibank Nigeria Limited with $547.71m (16.22%) and Rand Merchant Bank Plc with $528.73 (15.66%).”
The report also highlighted that “out of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $2,782.41m, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with $593.58m (17.58%), and Ekiti State with $0.01m.”
In the reference period, Nigeria’s capital importation predominantly originated from the United Kingdom, amounting to $1,805.83 million, which represents 53.49% of the total.
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%.
