Capital importation into the country dropped by 2.4 percent in the second quarter (Q2) of 2022, a new report by the National Bureau of Statistics (NBS) has shown.
The total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent.
When compared to Q1 2022, capital importation decreased by 2.40 percent from $1.57 billion.
Only four states out of 36 states and the federal capital territory (FCT), received capital investments in Q2 2022.
These states are Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million), Kogi ($2 million), and Ekiti ($0.50 million).
Lagos state accounted for 68.66 percent of the total capital inflow in Q2 2022.
Further analysis by TheCable Index shows that the largest amount of capital importation by type was received through portfolio investment, which accounted for 49.33 percent ($757.32 million).
This was followed by other investments with 41.09 percent ($630.87 million) and foreign direct investment (FDI) accounted for 9.58 percent ($147.16 million) of total capital imported in Q2 2022.
The highest sectors that received capital investment were banking ($646.36 million) amounting to 42.10 percent of total capital imported in the second quarter of 2022.
This was followed by production ($233.99 million), and the financing sector ($197.31 million), while telecoms ($153.50 million); shares ($152.41 million); and IT services ($0.05 million) sectors received the lowest capital investment.
By banks, Citi Bank Nigeria Limited emerged at the top of capital investment with $450.94 million followed by Standard Chartered Bank Nigeria Limited with $323.24 million and Stanbic IBTC Bank Plc with $163.92 million.
Meanwhile, Providus Bank Plc ($0.30 million); Sterling Bank Plc ($0.99 million); and Guaranty Trust Bank Plc ($1.60 million) were the least banks with capital inflows.
The top three highest capital importation by country into Nigeria were the United Kingdom ($781.05 million), which accounted for 50.87 percent of the total capital inflow in Q2 2022; Singapore ($138.58 million); and South Africa ($122.26 million).
Source: Top Stories