February 17, 2024

Capital importation falls 26% to $3.89 bn in 2023

Capital importation fell year-on-year (YoY) by 26.8 percent to $3.89 billion in 2023 from $5.32 billion in 2022.

The National Bureau of Statistics, NBS, disclosed this today in its Capital Importation Report for the fourth quarter of 2023.

Analysis of data in the report showed that capital importation stood at $1.13 billion in Q1’23 and fell by 8.8 percent to $1.03 billion in Q2’23

In Q3’23, capital importation declined by 36 percent to $654.65 million and increased by 65 percent to $1.08 billion in Q4’23.

NBS said: “In Q4’ 23, total capital importation into Nigeria stood at $1.08 million, slightly higher than $1.06 billion recorded in Q4’22, indicating an increase of 2.62 percent .
“In comparison to the preceding
quarter, capital importation rise by 66.27 percent from $654.65 million in Q3 2023.
“Other Investment ranked top accounting for 54.6 percent ($594.74 million) of total capital importation in Q4’23, followed by Portfolio Investment with 28.46 percent ($309.76 million) and Foreign Direct Investment (FDI) with 16.9 percent ($183.97 million).
“The production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 percent of total capital imported in Q4’23, followed by the banking sector, valued at $283.30 million
(26.03 percent), and financing with $135.59 million (12.46 percent).
“Capital Importation during the reference period originated largely from the United Kingdom with $267.24 million, and recorded 24.55 percent share.
“This was followed by Mauritius with $226.18 million (20.78 per cent) and the Netherlands with $149.93 million (13.77 percent).
“Lagos state remained the top destination in Q4’23 with $771.68 million, accounting for 65.38 percent of total capital importation, followed by Abuja (FCT) with $370.80 million (34.07 percent) and Rivers state with $6.00 million (0.55 percent).
“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q’23 with $499.45 million (45.8 percent), followed by Citibank Nigeria Limited with $229.06 million (21.04 percent) and Rand Mer-lchant Bank Plc with $85.85 (7.89 percent)