In the first quarter of 2020, the total value of capital importation into Nigeria fell by 31.19% year- onyear to $ 5,854.38m but rose 53.97% on a quarterly basis.
Most of the inflow were Portfolio investment ( 73.61% or $ 4,309.47m). Other Investment accounted for 22.73% ($1,330.65m) and Foreign Direct Investment accounted for 3.66% ($ 214.25m) of the total capital.
Here are the top five banks facilitating the inflow into Nigeria.
Standard Chartered Bank Nigeria Limited
A wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom, Standard Chartered Bank of Nigeria tops the league of lenders through which capital is imported into Nigeria.
According to NBS data, 28% of total capital imported into Nigeria in Q1 equivalent to $ 1656.60m came through this bank. That represents a growth of 54% year- on- year and 402% on quarterly basis for the bank.
Read also: Tier 1 banks’ deposits up by 24% amid covid 19 pandemic
Banking analysts say lenders with overseasbased parents enjoy the international presence of their parent companies and can easily tap into their group’s balance sheet and expertise to edge out local players.
Also, they say foreign lenders usually offer more attractive terms of credit and fees.
Stanbic IBTC Bank Plc Stanbic IBTC Bank is a member of the Standard Bank Group. The lender is one of the most popular banks for foreign transactions and accounted for 24% or $1378.78m of total capital inflow into Nigeria in Q1, marking a 62% yearon-year decline but a 13% quarterly increase. Citibank Nigeria Limited
Citibank Nigeria’s parents are Citigroup and CITIBANK OVERSEAS INVESTMENT CORP. This lender accounted for 12% or $688.47m of capital inflow into Nigeria in the first three months of the year. This was an 11% year-onyear decline for the bank but an 8% jump from Q4 2019.
First Bank of Nigeria Plc
This Nigerian tier- one bank tied with Citibank on account of capital importation into the country in Q1, although FBN’S numbers stood at $677.1m. For the lender with FBN Holdings PLC as its parent, this was a stellar performance as it signaled 126% annual growth and 114% quarterly growth.
Rand Merchant Bank
Rand Merchant Bank (RMB) accounted for 10% of total capital imported into Nigeria in Q1 at $ 611.68m in Q1, up 86% on quarterly basis even though the bank’s numbers fell 55% on an annual basis.
