Despite Govts’ Trips Abroad, Only Four States Attracted $1.08bn Capital Inflows in Q4 2023

James Emejo in Abuja

The country’s capital importation increased by 66.27 per cent to $1.08 billion in the fourth quarter of last year (Q4 2023), compared to $654.65 million in the preceding quarter, the National Bureau of Statistics (NBS) disclosed yesterday.

This was also slightly higher than $1.06 billion recorded in Q4 2022 by 2.62 per cent.

According to the Nigerian Capital Importation Report for the review period, Lagos State remained the top destination for foreign capital inflows into the economy with $771.68 million, accounting for 65.38 per cent of total importation.

This was followed by the Federal Capital Territory (FCT) with $370.80 million or 34.07 per cent and Rivers State with $6.00 million or 0.55 per cent and Ekiti with $0.01 million.

Despite foreign trips abroad allegedly to woo investors, the report revealed the quantum of resources squandered by state government officials in the guise of attracting capital inflows. 

Nonetheless, the NBS stated that Other Investment type accounted for 54.64 per cent or $594.74 million of total capital importation in Q4.

This was followed by Portfolio Investment with $309.76 million or 28.46 per cent of total share.

Foreign Direct Investment (FDI) amounted to $183.97 million or 16.90 per cent.

According to the NBS, the production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 per cent of total capital imported in the review period.

This was followed by the banking sector, which represented $283.30 million 26.03 per cent and financing which contributed $135.59 million or 12.46 per cent.

Capital Importation during the reference period originated largely from the United Kingdom with $267.24 million, with a share of 24.55 per cent.

This was followed by Mauritius with $226.18 million or 20.78 per cent and The Netherlands with $149.93 million or 13.77 per cent.

Others include Singapore, $144.25 million, and South Africa with $116.37 million.

Under the review period, agriculture-related investment amounted to $0.42 million, construction, $0.25 million, IT Services $9.08 million, financing $135.59 million, oil and gas $2.04 million and telecoms $22.84 million as well as transport $0.14 million among others.