July 2, 2024/NBS

According to data from the National Bureau of Statistics (NBS), capital importation into Nigeria in Q1 2024 was US$3.38bn, 198.06% higher than US$1.13bn recorded in Q1 2023. Capital importation rose by 210.16% from US$1.09m in Q4 2023 compared to the preceding quarter. Portfolio Investment ranked top with US$2.08bn, accounting for 61.48%, followed by Other Investment with US$1.18bn, accounting for 34.99%. Foreign Direct Investment recorded the least, with US$119.18m at 3.53% of total capital importation in Q1 2024. 

The Banking sector recorded the highest inflow, with US$2.07bn, representing 61.24% of total capital imported in Q1 2024. It was followed by the Trading sector, valued at US$494.93m (14.66%), and the Production/Manufacturing sector, with US$191.92m (5.68%).

Capital Importation during the reference period originated largely from the United Kingdom, with US$1.81bn, 53.49% of the total capital imported. This was followed by the Republic of South Africa, with US$582.34m (17.25%), and the Cayman Islands, with US$186.21m (5.52%).

Of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2.78bn, accounting for 82.42% of the total imported capital. Abuja (FCT) followed with US$593.58m (17.58%), and Ekiti state with US$0.01m.