• Friday, February 23, 2024
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Manufacturing brings most foreign investments in Q2

Manufacturers face multiple hurdles despite highest GDP growth since 2015

The manufacturing or production sector recorded the highest foreign investments in the second quarter of 2023, according to the latest Nigeria Capital Importation report on Friday.

The report by the National Bureau of Statistics (NBS) showed that the sector recorded the most inflow with $605.04 million, representing 58.7 percent of total capital imported in Q2, followed by the banking sector, valued at $194.6 million (18.9), and Shares with $68.63 million (6.66 percent).

Read also: Nigeria’s manufacturing sector growth hits 3-yr low in Q2

“In Q2, total capital importation into Nigeria stood at $1,030.2 million, lower than $1,535.4 million recorded in Q2 2022, indicating a decrease of 32.9 percent. When compared to the preceding quarter, capital importation fell by 9.04 percent from $1,132.65 million in Q1,” the report said.

It said other investments ranked top accounting for 81.3 percent ($837.3 million) of total capital importation in Q2, followed by Portfolio Investment with 10.4 percent ($106.9 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.0 million).

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Capital importation during the reference period originated largely from the United States with $271.9 million, accounting for 26.3 percent, followed by Singapore and the Republic of South Africa with $177.44 million (17.2 percent) and $136.95 million (13.3 percent) respectively.

Lagos state remained the top destination with $778.1 million, accounting for 75.5 percent of total capital, followed by Abuja (FCT), with $194.3 million (18.86 percent).

Read also: Manufacturers face toughest time in history – MAN

First Bank of Nigeria Limited received the highest capital into Nigeria with $323.1 million (18.23), followed by Citibank Nigeria Limited with $187.8 million (12.2 percent) and Rand Merchant Bank with $126.0 (6.47 percent).