By Ayo Yusuf
The state of the economy continues to cause concern as Nigeria’s capital importation fell quarter-on-quarter (QoQ) by 9.04 percent to $1.03 billion in the second quarter of 2023 (Q2’23) from $1.13 billion recorded in the first quarter.
The amount is by far lower than last year’s figures in the same period when total capital importation into Nigeria stood at $1.53 billion, indicating a decrease of 32.9 percent this year.
The National Bureau of Statistics, NBS, disclosed this today in its Capital Importation report for Q2’23 noting that First Bank of Nigeria Limited received the highest capital into Nigeria with $323.13 million.
The figure represents 18.23 percent of capital inflow for the period, followed by Citibank Nigeria Limited with $187.77 million (12.23 percent) and Rand Merchant Bank with $126.03 (6.47 per cent).
According to NBS:” In Q2′ 23, total capital importation into Nigeria stood at $1.03 billion, lower than $1.53 billion recorded in Q2’22, indicating a decrease of 32.9 percent.
NBS further stated that, “When compared to the preceding quarter, capital importation fell by 9.04 percent from $1.13 billion in Q1’23.
“Other Investment ranked top accounting for 81.3 percent ($837.34 million) of total capital importation in Q2’23, followed by Portfolio Investment with 10.37 percent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.03 million).
“The production sector recorded the highest inflow with $605.04 million, representing 58.7 percent of total capital imported in Q2’23, followed by the banking sector, valued at $194.58 million (18.89 percent), and Shares with $68.63 million (6.6 percent).
“Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.4 percent, followed by Singapore and the Republic of South Africa with $177.44 million (17.2 percent) and $136.95 million (13.3 percent) respectively.
“Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.5 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.8 percent).”
