• Saturday, May 18, 2024
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BusinessDay

Nigeria’s capital importation hits $1.1 bn in Q1 2023

15% levy: Clearing agents again abandon vehicles at Tincan

Total capital importation into Nigeria stood at $1.132 billion in the first quarter of 2023, representing a 6.78 percent increase from $1.06 billion recorded in previous quarter (Q4 2022).

It however indicates a 28 percent decrease when compared to $1.57 billion recorded in Q1 2022.

According to the Nigerian Bureau of Statistics recent report, the largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32 percent ($649.28 million) of total capital imported in Q1 2023.

This was followed by Other Investment with 38.31 percent ($435.76 million) and Foreign Direct Investment (FDI) with 4.20 percent ($47.60 million).

Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89 percent of total
capital imported in the period, followed by capital imported into the production sector, valued at $256.12 million (22.61 percent), and IT Services with US$216.06 million (19.08 percent).

Capital Importation by country of origin reveals that capital from the United Kingdom ranked top in the period with $673.64 million, accounting for 59.47 percent.

This was followed by the United Arab Emirates and the United States valued at
$108.28 million (9.56 percent) and $95.36 million (8.42 percent) respectively.

By Destination of Investment, Lagos
state remained the top destination with US$704.87 million, accounting for 62.23 percent of total capital investment in Nigeria.

This was followed by Abuja (FCT), valued at $410.27 million (36.22%).