The total capital importation into Nigeria for the first quarter of 2024 reached an impressive $3,376.01 million, marking a significant increase of 198.06% compared to the $1,132.65 million recorded in the first quarter of 2023. This substantial rise is also reflected in a 210.16% increase from the preceding quarter’s $1,088.48 million in Q4 2023.
The breakdown of capital importation by investment type reveals that Portfolio Investment led the way with $2,075.59 million, accounting for 61.48% of the total. Other Investment followed with $1,181.25 million (34.99%), while Foreign Direct Investment (FDI) contributed the least with $119.18 million (3.53%).
Sector Performance
The Banking sector emerged as the top sector, attracting $2,067.44 million, which represents 61.24% of the total capital imported. This was followed by the Trading sector with $494.93 million (14.66%) and the Production/Manufacturing sector with $191.92 million (5.68%).
Leading Sources of Capital
The primary sources of capital importation into Nigeria were the United Kingdom, contributing $1,805.83 million (53.49%), the Republic of South Africa with $582.34 million (17.25%), and the Cayman Islands with $186.21 million (5.52%).
State-by-State Breakdown
Lagos State remained the premier destination for capital importation, receiving $2,782.41 million, which accounts for 82.42% of the total. The Federal Capital Territory (FCT) Abuja followed with $593.58 million (17.58%), while Ekiti State recorded a minimal $0.01 million.
Top Banks
Among the financial institutions, Stanbic IBTC Bank Plc led with the highest capital importation, totaling $1,257.38 million (37.24%). Citibank Nigeria Limited and Rand Merchant Bank Plc followed, attracting $547.71 million (16.22%) and $528.73 million (15.66%) respectively.
