Nigeria’s Importation Surges To $3.3bn In One Year, Says NBS

The National Bureau of Statistics (NBS) has released its report on Nigeria’s capital importation for the first quarter of 2024, revealing a significant increase of 198.06% compared to the same period in 2023.

The total capital importation into Nigeria stood at $3.376 billion, up from $1.132 billion in the first quarter of 2023.

According to the report, portfolio investment led the way with $2.075 billion, accounting for 61.48% of the total capital importation. Other investments followed with $1.181 billion, making up 34.99% of the total. Foreign Direct Investment (FDI) recorded the least with $119.18 million, representing 3.53% of the total capital importation in Q1 2024.

The banking sector received the highest inflow of capital, with $2.067 billion, representing 61.24% of the total capital imported. The trading sector followed with $494.93 million (14.66%), and the production/manufacturing sector with $191.92 million (5.68%).

The report also revealed that the United Kingdom was the largest source of capital importation, with $1.805 billion, accounting for 53.49% of the total. The Republic of South Africa followed with $582.34 million (17.25%), and the Cayman Islands with $186.21 million (5.52%).

Lagos State was the top destination for capital importation, receiving $2.782 billion, which accounted for 82.42% of the total capital imported. Abuja (FCT) followed with $593.58 million (17.58%), and Ekiti State with $0.01 million.

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024, with $1.257 billion, representing 37.24% of the total. Citibank Nigeria Limited followed with $547.71 million (16.22%), and Rand Merchant Bank Plc with $528.73 million (15.66%).

This significant increase in capital importation is a positive indicator for Nigeria’s economy, which has been facing challenges in recent times. The surge in capital importation could be attributed to the country’s efforts to attract foreign investment and improve its business environment.

The NBS report provides valuable insights into Nigeria’s capital importation trends and highlights the need for continued efforts to attract foreign investment and promote economic growth.

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