The National Bureau of Statistics (NBS), has said that only five states contributed to the country’s capital importation in the second quarter of 2023.
This is contained in the latest capital importation report published by NBS.
In Q2 2023, total capital importation into Nigeria stood at US$1,030.21 million, lower than US$1,535.35 million recorded in Q2 2022
Foreign investments into the country’s economy decreased by 9.04 per cent compared with the first quarter of $1.13 billion.
The report also revealed that the capital importation was 32.9 per cent lower than the $1.53 billion generated in Q2 2022.
The five states are Lagos, Akwa-Ibom, Ogun and Ekiti states, and the Federal Capital Territory (FCT). The report implied that the other 32 states did not generate capital importation between April and June 2023.
According to the report, Lagos was the top destination in Q2 2023 with $778.06 million, representing for 75.52 per cent of total capital, followed by Abuja (FCT) with $194.28 million representing 18.86 per cent.
Others include Akwa-Ibom with $33.86 million, representing 3.29 per cent, Ogun with $24.00 million, accounting for 2.33 per cent and Ekiti State with $0.01 million.
Capital importation is the foreign investments in a country’s economy which include foreign direct investments (FDI), portfolio investments, and other investments.
NBS stated that other investments with $837.34 million ranked top, representing 81.28 per cent of total capital importation, followed by portfolio investment with 10.37 per cent ($106.85 million) and foreign direct investment (FDI) with $86.03 million representing 8.35 per cent.
Capital importation by sectors
The production sector recorded the highest inflow with $605.04 million, accounting for 58.73 per cent, followed by the banking sector with a value of $194.58 million, representing 18.89 per cent, and shares with $68.63 million, representing 6.66 per cent.
Capital importation by country of origin
United States has the highest capital with $271.92 million, followed by Singapore and the Republic of South Africa with $177.44 million and US$136.95 million.
The report also indicated that First Bank of Nigeria received the highest capital into Nigeria in Q2 2023 with $323.13 million, amounting to 18.23 per cent, followed by Citibank Nigeria Limited with $187.77 million, representing 12.23 per cent and Rand Merchant Bank with $126.03 which accounted for 6.47 per cent.