Capital importation into Nigeria drops to $654.65m in Q3 2023 – NBS

The recent figures published by the National Bureau of Statistics (NBS) revealed that Nigeria’s capital importation in Q3 2023 dropped to US$654.65 million. This is lower than US$1.159 billion recorded in Q3 2022, indicating a decline of 43.55%.

In comparison to the preceding quarter, capital importation fell by 36.45% from US$1.030 billion in Q2 2023.

Other Investment ranked top accounting for 77.56% (US$507.77 million) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31% (US$87.11 million) and Foreign Direct Investment (FDI) with 9.13% (US$59.77 million).

The production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70% of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93 million (19.54%), and Shares with US$85.49 million (13.06%).

Capital Importation during the reference period originated largely from the Netherlands with US$175.62 million, and recorded 26.83% share. This was followed by Singapore with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).

Lagos state remained the top destination in Q3 2023 with US$308.83 million, accounting for 47.18% of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73%) and Abia state with US$150.09 million (22.93%).

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q3 2023 with US$222.84 million (34.04%), followed by Citibank Nigeria Limited with US$190.03 million (29.03%) and Zenith Bank Plc with US$83.04 (12.68%).