Total capital importation into Nigeria stood at $3.89 billion in 2023 fiscal year, representing a $1.53 billion decline from $5.42 billion recorded in 2022.
According to findings carried out by BusinessDay, the total capital importation in the fourth quarter 2023 stood at $1.08 billion, slightly higher than $1.06 billion recorded in Q4 2022.
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In Q3 2023, total capital importation into Nigeria stood at $654.65 million, lower than US$1.159 billion recorded in Q3 2022, indicating a decline of 43.55 percent.
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In Q2 2023, total capital importation into Nigeria stood at $1.03 billion , lower than $1.53billion recorded in Q2 2022, indicating a decrease of 32.90 percent. When compared to the preceding quarter, capital importation fell by 9.04 percent from $1.132 billion in Q1 2023.
By type, Other Investment ranked top at $ 2.37 billion of total capital importation in the year, followed by Portfolio Investment at $1.15 billion and Foreign Direct Investment (FDI) at $377.37 million.
Lagos state remained the top destination in 2023 with $2.56 billion, followed Abuja (FCT) with $1.17 billion. Abia state and Rivers recorded $150.09 million and $6 million respectively.
Citi Bank received the highest capital importation into Nigeria in the period with $1.03 billion, followed by Stanbic IBTC with $874.14 million. Standard Chartered Bank Nigeria Limited received $360.33 million, First Bank of Nigeria Limited received $323.13 million, Rand received $211.88 and Zenith Bank Plc received $83.04.
According to BusinessDay analysis of the National Bureau of Statistics (NBS) quarterly report, production/manufacturing sector recorded the highest inflow with $450.11 million in Q4, followed by the banking sector, valued at $283.30 million and financing with $135.59 million.
Similarly, in the third quarter, production/manufacturing sector recorded the highest inflow with $279.51 million, representing 42.70 percent of total capital imported, this was followed by the financing sector, valued at $127.93 million (19.54 percent), and Shares with $85.49 million (13.06 percent).
In the second quarter, the production sector recorded the highest inflow with US$605.04 million, representing 58.73 percent of total capital imported, followed by the banking sector, valued at $194.58 million (18.89 percent), and Shares with $68.63 million (6.66 percent).
In the first quarter, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89 percent of total capital imported. This was followed by capital imported into the production sector, valued at $256.12 million (22.61 percent), and IT Services with $216.06 million (19.08 percent).
“Capital Importation during the fourth quarter originated largely from the United Kingdom with $267.24 million, this was followed by Mauritius with $226.18 million and the Netherlands with $149.93 million.
“Capital importation in third quarter originated largely from the Netherlands with $175.62 million, followed by Singapore with $79.15 million and the United States with $67.04 million. In second quarter,
“In the second quarter capital importation originated largely from the United States with $271.92 million, followed by Singapore and the Republic of South Africa with $177.44 million (17.22%) and $136.95 million (13.29%) respectively,” the reports showed.
Capital from the United Kingdom ranked top in Q1 2023 with $673.64 million, this was followed by the United Arab Emirates and the United States valued at $108.28 million and $95.36 million respectively.
