Nigeria’s total capital importation in the second quarter of 2024 increased quickly to US$2,604.50 million, a 152.81% rise over the US$1,030.21 million reported in the same period the previous year.
This was revealed in the National Bureau of Statistics’ (NBS) second quarter (Q2) 2024 Nigeria Capital Importation report, which was made available on its official website on Tuesday.
Capital imports decreased by 22.85% from US$3,376.01 million in Q1 2024 compared to the previous quarter.
The report also revealed that Foreign Direct Investment recorded the lowest amount, US$29.83 million, representing 1.15 percent of all capital importation in Q2 2024, while Portfolio Investment ranked highest, accounting for US$1,404.70 million, or 53.93 percent, followed by Other investment with US$1,169.97 million, or 44.92 percent.
With US$1,123.95 million, or 43.15 percent of all capital imported in Q2 2024, the banking sector saw the largest inflow. Production/Manufacturing came in second with US$624.71 million, or 23.99 percent, and Trading came in third with US$569.22 million, or 21.86 percent.
The report states that the United Kingdom accounted for US$1,120.15 million, or 43.01 percent, of the total capital imported during the reference period. The Netherlands came in second with US$577.82 million, accounting for 22.19 percent, and the Republic of South Africa came in third with US$255.98 million, accounting for 9.83 percent.
It also showed that Lagos State continued to be the most popular destination for capital imports, accounting for 52.52% of the total capital imported, out of the three states that reported capital importation during the quarter, with US$1,367.84 million. Abuja (FCT) followed with US$1,236.64 million showing 47.48 per cent, and Ekiti state with US$0.0003 million.
According to reports regarding Nigeria’s commercial banks, Citibank Nigeria Limited received the largest amount of capital imported into the country in Q2 2024, amounting to US$818.46 million, or 31.43 percent. Standard Chartered Bank Nigeria Limited followed with US$654.79 million, or 25.14 percent, and Rand Merchant Bank Plc with US$488.59, or 18.76 percent.
