BY Busola Aro
The National Bureau of Statistics (NBS) says Nigeria recorded $2.60 billion as capital importation 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 its latest capital importation report for Q2 2024, published on Tuesday, the NBS said the amount represents a decrease of $771.51 million or 22.85 percent compared to the $3.37 billion recorded in the first quarter (Q1) of the year.
On year-on-year basis, the bureau said foreign investment into the country increased by 152.8 percent compared to the $1.30 billion recorded in the same quarter of 2023.
“In Q2 2024, total capital importation into Nigeria stood at US$2,604.50 million, higher than US$1,030.21 million recorded in Q2 2023, indicating an increase of 152.81%,” the NBS said.
“In comparison to the preceding quarter, capital importation declined by 22.85% from US$3,376.01 million in Q1 2024.”
Providing a breaking of inflows, the NBS said foreign portfolio investments (FPI) ranked top at $1.4 billion, representing 53.93 percent of total investments, followed by other investments with $1.16 billion or 44.92 percent.
At $29.83 million (1.15 percent), the statistics firm said foreign direct investment (FDI) generated the lowest foreign capital inflow in Q2 2024.
“The banking sector recorded the highest inflow with US$1,123.95 million, representing 43.15% of total capital imported in Q2 2024, followed by the Production/Manufacturing sector, valued at US$624.71 million (23.99%), and Trading sector with US$569.22 million (21.86%),” NBS added.
The organisation said capital importation during the period under review originated largely from the United Kingdom, as Nigeria received $1.12 billion or 43.01 percent of the total capital imported from the country.
“This was followed by the Netherlands with US$577.82 million (22.19%) and the Republic of South Africa with US$255.98 million (9.83%)” the bureau said.
On state analysis, the statistics firm said out of the three states that recorded capital importation during the quarter, Lagos remained the top destination ($1.36 billion), accounting for 52.52 percent of the total capital imported; followed by Abuja with $1.23 billion (47.48 percent), and Ekiti state ($0.0003 million).
The NBS said Citibank received the highest capital importation into Nigeria in Q2 2024 at $818.46 million (31.43 percent), followed by Standard Chartered Bank recording $654.79 million (25.14 percent) and Rand Merchant Bank with $488.59 million (18.76 percent).
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