Nigeria’s capital importation up 6.78% to $1.13bn in Q1 2023

Capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS).

The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

On a quarter-to-quarter basis, foreign investment into the country increased by 6.78 percent but dropped by 28 percent on a year-to-year basis.

“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 percent,” the NBS said.

“When compared to the preceding quarter, capital importation rose by 6.78 percent from $1.06 billion in Q4 2022.”

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

The highest capital importation was received through portfolio investment, which accounted for 57.32 percent ($649.28 million).

Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 percent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 percent) and Stanbic IBTC Bank had $151.85 (13.41 percent).