The capital importation into Nigeria surged to $3,375 million in the first quarter of 2024, representing a 198% increase from the $1,132 million recorded in Q1 2023.
According to the latest report, Portfolio Investment led the capital importation categories with $2,075 million, accounting for 61% of the total. Other Investments followed with $1,181 million, making up 35%, while Foreign Direct Investment (FDI) was the least, contributing $119 million or 3.53% of the total capital importation in Q1 2024.
The Banking sector emerged as the highest recipient, attracting $2,067 million, which represents 61.24% of the total capital imported. The Trading sector came next with $494 million (14.66%), and the Production/Manufacturing sector followed with $192 million (5.68%).
The United Kingdom was the largest source of capital importation, contributing approximately $1,806 million, or 53.49% of the total. This was followed by the Republic of South Africa with $582 million (17.25%), and the Cayman Islands with $186 million (5.52%).
Lagos State maintained its position as the top destination for capital importation, receiving $2,782 million, which accounts for 82% of the total capital imported during the quarter.
Among the financial institutions, Stanbic IBTC Bank Plc received the highest capital importation with $1,257 million, representing 37.24% of the total. Citibank Nigeria Limited followed with $548 million (16.22%), and Rand Merchant Bank Plc received $529 million (15.66%).
