The latest capital importation report by the National Bureau of Statistics (NBS) for the second quarter of 2024 revealed that the Nigerian banking sector recorded the highest inflow of capital importation, representing 43.15 percent of total capital imported in the second quarter (Q2) of 2024.
The total capital imported rose by 152.8 percent to $2,604.50 million from $1,030.21 million recorded in Q2 2023. In comparison to the preceding quarter, capital importation declined by 22.85 percent from $3,376.01 million in Q1 2024.
The banking sector attracted the highest inflow with $1,123.95 million, representing 43.15 percent of total capital imported in Q2 2024, followed by the production/manufacturing sector at $624.71 million (23.99 percent), and trading sector with $569.22 million (21.86 percent).
The banks analysed with top capital importation are: CitiBank Nigeria Limited, Standard Chartered Bank Nigeria, Rand Merchant Bank, Stanbic IBTC Bank, Access Bank, Zenith Bank, Ecobank Nigeria Plc, Ecobank Nigeria Plc, and FirstBank of Nigeria.
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According to NBS, Citibank Nigeria Limited received the highest capital importation into Nigeria with a 31.4 percent increase to $818.46 million from $547.7 million, followed by Standard Chartered Bank Nigeria Limited with a 25.14 percent increase to $654.79 million from $399.4.
Rand Merchant Bank Plc recorded an 18.8 percent decline to $488.59 in Q2 2024 from $528.7 million while Stanbic IBTC also saw a decline to $409.9 million from $1,257.4 million.
Access Bank’s capital importation dropped to $80.14 million in the second quarter of 2024 from $278.18 million in Q1 2024, Zenith Bank also saw a 23.3 percent decline to $78.1 million from $98.7 million in Q1 2024.
Ecobank’s capital importation dropped to $25.89 million from $32.9 million, and FirstBank recorded $21.3 million in the second quarter of 2024.
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