Guarantee Trust Bank

Adebayo Obajemu

In spite of COVID-19, leading financial institutions in Nigeria were able to attract needed foreign investments according to Nigeria’s Q1 2020 Capital Importation report by the National Bureau of Statistics.

The report said Acess Bank, Standard Chartered Plc, Stanbic IBTC, Citi Bank, Ecobank Nigeria, GTBank, First Bank, and 20 other banks in Nigeria attracted foreign investment worth over $5.85 billion in Q1 2020.

According to the report,  Citi Bank and the local unit of Rand Merchant Bank joined Standard Chartered Bank and Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

The NBS report also disclosed that out of the 27 banks that foreign investors used to invest foreign capital into the country, the most investment came through Standard Chartered Bank. The bank attracted $1.656 billion worth of investment in the first quarter of this year, compared to $1.076 billion during the comparable quarter in 2019.

This was closely followed by Stanbic IBTC with $1.37 billion worth of foreign investment.
Meanwhile, Citi Bank Nigeria struggled for the third position having attracted $688.44 million inflows as against $770 million recorded in Q1 2019.

Meanwhile, First Bank got $677.61 million, Rand Merchant Bank got $611.68, Access Bank got $257.31 million, GTBank, $91.46 million, UBA Plc $79.60 million, and Union Bank of Nigeria had $43.30 million.