BY JACINTA HYCENTH
Nigeria’s total capital importation in Q2 2024 has witnessed a swift increase of US$2,604.50 million, higher than US$1,030.21 million recorded in Q2 2023, indicating an increase of 152.81 per cent.
The National Buruea of Statistics (NBS) disclosed this in its second quarter (Q2) 2024 of Nigeria Capital Importation report released on Tuesday on its official website.
In comparison to the preceding quarter, capital importation declined by 22.85 per cent from US$3,376.01 million in Q1 2024.
The report also showed that Portfolio Investment ranked top with US$1,404.70 million, accounting for 53.93 per cent, followed by Other investment with US$1,169.97 million, accounting for 44.92 per cent, whilst Foreign Direct Investment recorded the least with US$29.83 million representing 1.15 per cent of total capital importation in Q2 2024.
The Banking sector recorded the highest inflow with US$1,123.95 million, representing 43.15 per cent of total capital imported in Q2 2024, followed by the Production/Manufacturing sector, valued at US$624.71 million, accounting for 23.99 per cent, and Trading sector with US$569.22 million, accounting for 21.86 per cent .
According to the report, Capital Importation during the reference period originated largely from the United Kingdom with US$1,120.15 million, showing 43.01 per cent of the total capital imported, followed by the Netherlands with US$577.82 million showing 22.19 per cent and the Republic of South Africa with US$255.98 million showing 9.83 per cent.
It further indicated that out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$1,367.84 million, accounting for 52.52 per cent of the total capital imported. Abuja (FCT) followed with US$1,236.64 million showing 47.48 per cent, and Ekiti state with US$0.0003 million.
On Nigeria’s commercial banks, Citibank Nigeria Limited was said to have received the highest capital importation into Nigeria in Q2 2024 with US$818.46 million corresponding to 31.43 per cent, followed by Standard Chartered Bank Nigeria Limited with US$654.79 million representing 25.14 per cent and Rand Merchant Bank Plc with US$488.59, representing 18.76 per cent.
