Nigeria’s Q1 2023 Capital Importation Hits To $1.13bn — NBS

The National Bureau of Statistics has confirmed that Nigeria’s Capital importation has soared by 6.78 per cent in the first quarter of 2023.

BrandNewsDay reports that the NBS’s reports of capital importation witnessed an increase as the total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

On a quarter-to-quarter basis, foreign investment into the country increased by 6.78 per cent but dropped by 28 per cent on a year-to-year basis.

According to NBS, “Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 per cent”.

“When compared to the preceding quarter, capital importation rose by 6.78 per cent from $1.06 billion in Q4 2022.”

Capital importation

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Further analysis indicates that the highest capital importation was received through portfolio investment, which accounted for 57.32 per cent ($649.28 million).

Other investments accounted for 38.31 per cent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 per cent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

Capital importation By Banks

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 percent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 percent) and Stanbic IBTC Bank had $151.85 (13.41 percent).

President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.

In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.