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Nigeria’s capital importation records 6.78 per cent growth in Q1 2023—NBS

The National Bureau of Statistics (NBS), says the country’s capital importation grew by 6.78 per cent in the first quarter (Q1) of 2023.

Lekki-Deep-Seaport Credit: Bloomberg
Lekki-Deep-Seaport Credit: Bloomberg

The National Bureau of Statistics (NBS), says the country’s capital importation grew by 6.78 per cent in the first quarter (Q1) of 2023.

This was disclosed in its latest report published on Monday.

NBS stated that the total capital imported into the country in the period under review (Q1 2023) was valued at $1.13 billion— a 6.78 per cent increase of $1.06 billion recorded in the fourth quarter of 2022. 

But when compared to the first quarter of 2022, total capital importation decreased by 28 per cent from $1.57 billion. 

“Total capital importation into Nigeria in Q1 2023 stood at US$1,132.65 million, lower than US$1,573.14 million recorded in Q1 2022, indicating a decrease of 28.00%. When compared to the preceding quarter, capital importation rose by 6.78% from US$1,060.73 million in Q4 2022”, NBS stated in the report.

“The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023. This was followed by other investments with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million). 

“Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023. This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).

Origin of capital

The largest capital inflow in Q1 2023 was from the United Kingdom followed by the United Arab Emirates and the United States.

“Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%. This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively. 

Where the capital landed

Lagos state received the highest capital inflow in Q1 2023 followed by the Federal Capital Territory (FCT).

“By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at US$410.27 million (36.22%). 

“Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%). This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%)”.

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