• Monday, July 15, 2024
businessday logo

BusinessDay

These Nigerian banks have the highest capital importation

See the list of Nigeria banks with the highest capital importation

In Q4 2023, Nigeria’s capital importation totaled US$1,088.48 million, marking a 2.62% increase from the same period in 2022. There was a substantial 66.27% surge compared to Q3 2023, which recorded US$654.65 million.

According to the National Bureau of Statistics (NBS), In Q4 2023, Stanbic IBTC, Citibank, and Rand Merchant emerged as preferred options for foreign investment

BusinessDay reported the count of states drawing foreign investments in Q4 reached its lowest point in nearly three years. Of the 36 states, only four received foreign capital, a decline from six in the preceding quarter.

The figure had increased to nine in Q1 before reducing to five in Q2. Lagos, Abuja, Ekiti, and Rivers collectively attracted $1.09 billion in the final quarter of the year, according to the NBS.

Here are the Nigeria banks with the highest capital importation according to NBS.

Stanbic IBTC

Stanbic IBTC stands at the forefront, with an impressive capital importation of $499.45 million. This robust performance highlights the bank’s strategic positioning and effective management, positioning it as a preferred destination for foreign investors.

Citibank

Securing the second spot, Citibank demonstrates its global financial prowess by attracting $299.06 million in capital importation. As an international bank, Citibank’s presence in Nigeria is pivotal in fostering economic ties and contributing to the country’s financial stability.

Rand Merchant

Rand Merchant follows closely with an influx of $85.85 million in capital importation. The bank’s ability to attract substantial foreign investment highlights its reliability and appeal to international investors seeking opportunities in Nigeria.

First Bank

First Bank remains a key player, securing the fourth position with $57.97 million in capital importation. The bank’s long-standing reputation and widespread presence contribute to its ability to attract foreign capital.

Zenith Bank

Zenith Bank, known for its innovative financial solutions, takes the fifth spot with $51.42 million in capital importation. This performance underscores the bank’s resilience and adaptability in a dynamic economic environment.

Ecobank

Ecobank, a pan-African banking giant, secures the sixth position with $48.52 million in capital importation. The bank’s extensive network across the continent positions it as a bridge for investors looking to tap into Nigeria’s lucrative market.

Access Bank

Access Bank, a key player in Nigeria’s financial landscape, attracted $36.7 million in capital importation, securing the seventh position. The bank’s strategic initiatives and commitment to innovation contribute to its appeal to foreign investors.

NOVA Bank

NOVA Bank makes its mark in the eighth position with $33.5 million in capital importation. As a relatively new entrant, the bank’s performance underscores the potential for emerging financial institutions to attract foreign capital.

Standard Chartered

Standard Chartered, a global banking giant, claims the ninth position with $14.4 million in capital importation. While relatively modest compared to some local players, the bank’s presence highlights the importance of international institutions in Nigeria’s financial landscape.

Union Bank

Union Bank rounds up the top 10 with $10.0 million in capital importation. As one of Nigeria’s oldest financial institutions, Union Bank continues to play a role in attracting foreign investment.