Nigeria’s Capital Importation Rises From $875.62m To $1.5bn In 2022 Q2
Fred Omotara, Lagos
The total value of capital importation into Nigeria in the second quarter of 2022 stood at US$1.535.35 billion from US$875.62 million in the corresponding quarter of 2021, showing an increase of 75.34%. When compared to the preceding quarter, capital importation decreased by 2.40% from US$1.573.14 billion.
The National Bureau of Statistics (NBS) made this known on Wednesday in its document titled: Nigerian Capital Importation Q2 2022.
According to the document, the largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33% (US$757.32 million).
This, said the NBS, was followed by Other Investment with 41.09% (US$630.87 million) and Foreign Direct Investment (FDI) accounted for 9.58% (US$147.16 million) of total capital imported in Q2 2022.
The report added: “Disaggregated by Sectors, capital importation into banking had the highest inflow of US$646.36 million amounting to 42.10% of total capital imported in the second quarter of 2022.
“This was followed by capital imported into the production sector, valued at US$233.99 million (15.24%), and the financing sector with US$197.31 million (12.85%). Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of US$781.05 million, accounting for 50.87%.
“This was followed by Singapore and the Republic of South Africa valued at US$138.58 million (9.03%) and US$122.26 million (7.96%) respectively.”
The NBS noted that by Destination of Investment, Lagos state remained the top destination in Q2 2022 with US$1,054.18 million, accounting for 68.66% of total capital investment into Nigeria.
It said this was followed by investment into Abuja (FCT) valued at US$453.95 million (29.57%).
NBS said categorisation of Capital Importation by Bank shows that Citibank Nigeria Limited ranked highest in Q2 2022 with US$450.94 million (29.37%).
This, it said, was followed by Standard Chartered Bank Nigeria Limited with US$323.24 million (21.05%) and Stanbic IBTC Bank Plc with US$163.92 (10.68%).