Nigeria recorded a 210% increase in capital importation, reaching $3,376.01 million in the first quarter of 2024.
On Monday, the National Bureau of Statistics(NBS), a trusted source, released the latest data on Nigeria’s Capital Importation for Q1 2024.
The report indicates that capital importation into the country surged to $3,376.01 million, which is higher than the $1,132.65 million recorded in Q1 2023. This represents an increase of 198.06% and a 210% rise from the $1,088.48 million recorded in Q4 2023.
The report attributed the increase to high Portfolio Investment valued at “$2,075.59 million, accounting for 61.48%; followed by Other Investment with $1,181.25 million, accounting for 34.99%”.
“Foreign Direct Investment recorded the least with $119.18 million (3.53 per cent) of total capital importation in Q1 2024.
“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24%), followed by Citibank Nigeria Limited with $547.71 million (16.22%) and Rand Merchant Bank Plc with $528.73 million (15.66%).”
During the period, additional examination revealed that the majority of Nigeria’s capital imports originated from the United Kingdom, amounting to $1,805.83 million, which represented 53.49% of the total capital imported.
Subsequently, the Republic of South Africa followed with $582.34 million (17.25%), and the Cayman Islands with $186.21 million (5.52%).