Capital importation dropped to $1.2bn in Q3 2024, says NBS

The National Bureau of Statistics (NBS) says Nigeria recorded $1.25 billion as capital importation in the third quarter (Q3) of 2024.

In a report on Friday, NBS said capital importation dropped by 51.90 percent compared to the $2.60 billion recorded in the second quarter (Q2) of 2024.

Capital importation is the inflow of funds from abroad to fuel investment, trade, and manufacturing within a country.

“In Q3 2024, total capital importation into Nigeria stood at US$1,252.66 million, higher than US$654.65 million recorded in Q3 2023, indicating an increase of 91.35%,” NBS said.

“In comparison to the preceding quarter, capital importation declined by 51.90% from US$2,604.50 million in Q2 2024.”

The bureau further said foreign portfolio investments (FPI) ranked top with $899.31 million, accounting for 71.79 percent of capital importation, followed by other investments with $249.53 million, accounting for 19.92 percent.

Foreign direct investment (FDI) accounted for $103.82 million (8.29 percent) of the total capital importation in Q3 2024.

More so, the report said the banking sector recorded the highest capital inflow in the reviewed period, followed by financing and manufacturing.

“The banking sector recorded the highest with US$579.48 million, representing 46.26% of total capital imported in Q3 2024, followed by the Financing sector, valued at US$294.55 million (23.51%), and Production/Manufacturing sector with US$189.22 million (15.11%),” NBS said.

“Capital importation during the reference period originated largely from the United Kingdom with US$502.60 million, representing 40.12% of the total capital imported. 

“This was followed by the Republic of South Africa with US$185.03 million (14.77%) and the United States with US$163.86 million (13.08%).”

LAGOS REMAINS TOP CAPITAL DESTINATION 

Giving state analysis, NBS said out of the five states that recorded capital importation during the quarter, Lagos state remained the top destination with $650.41 million, accounting for 51.92 percent of the total capital imported.

Next on the list is Abuja (FCT) with $600.02 million (47.90 percent), and Kaduna state with $1.95 million (0.16 percent), while Enugu and Ekiti states recorded $184,22 million and $96,60 million, respectively.

NBS said Stanbic Chartered Bank received the highest capital importation by banks, recording $385.62 million (30.78 percent) during the reviewed period, followed by Stanbic IBTC Bank Plc with $382.08 million (30.50 percent) and Citibank Nigeria Limited with $192.88 (15.40 percent).