Capital Importation Rose to $1.13bn in First Quarter

*Portfolio investment accounted for $649.28m inflows 

*Lagos, Abuja are preferred destinations

James Emejo and Aisha Kabiru in Abuja

Total capital importation into the country rose by 6.78 per cent to $1.13 billion in the first quarter of the year (Q1 2023), compared to $1.06 billion in the preceding quarter, the National Bureau of Statistics (NBS) stated yesterday.
This, however, represented a 28 per cent decline when compared to the $1.57 billion recorded in Q1 2022.

According to the Nigeria Capital Importation (2023) report which was posted on the website of the statistical agency, the largest capital importation during the period was received from portfolio investment, which accounted for $649.28 million, representing 57.32 per cent of total capital imported.
This was followed by Other Investment which accounted for $435.76 million or 38.31 per cent of total inflows as well as Foreign Direct Investment (FDI) which contributed $47.60 million or 4.20 per cent to capital importation.

The banking sector recorded the highest inflow of $304.56 million, representing 26.89 per cent of total capital imported during the period.
This was followed by capital imported into the production sector, which was valued at $256.12 million or 22.61 per cent as well as IT Services which attracted inflows worth $216.06 million or 19.08 per cent.

Capital importation by country of origin further revealed that the United Kingdom ranked top with $673.64 million, accounting for 59.47 per cent of total inflows.
This was followed by the United Arab Emirates and the United States which accounted for $108.28 million or 9.56 per cent and $95.36 million or 8.42 per cent respectively.

Meanwhile, Lagos State remained the top destination for investors, accounting for $704.87 million or 62.23 per cent of total capital investment in the country.
This was followed by Abuja (FCT), valued at $410.27 million or 36.22 per cent).
Anambra, Akwa Ibom, and Adamawa had the lowest capital inflows of $4 million, $5.21 million, and $4.50 million respectively.

Capital Importation by banks showed that Citibank Nigeria Limited ranked top with $424.13 million or 37.45 per cent followed by Standard Chartered Bank Nigeria Limited with $360.33 million or 31.81 per cent and Stanbic IBTC Bank with $151.85 or 13.41 per cent.

In addition, shares accounted for $88.51 per cent or 7.81 per cent of total inflows while agriculture attracted $4.84 per cent or 0.43 per cent as well as transport which accounted for $12.94 million or 1.14 per cent of inflows during the period.