Foreign investment inflows to Nigeria triples in three months

Foreign investment inflows to Nigeria grew to $3.38 billion in the first quarter of 2024, a 210.16 percent increase from $1.09 billion in the fourth quarter of 2023, according to the latest capital importation report on the National Bureau of Statistics (NBS).

On the flip side, capital importation into Nigeria recorded 198 percent year-on-year growth from $1.13 billion in the first quarter of 2023.

“Portfolio investment ranked top with $2,075.59 million, accounting for 61.48 percent, followed by Other investment with U$1,181.25 million, accounting for 34.99 percent. Foreign direct investment recorded the least with $119.18 million (3.53 percent) of total capital importation in Q1 2024,” the NBS report stated.

The banking sector recorded the highest inflow with $2,067.44 million, representing 61.24 percent of total capital imported in Q1 2024, followed by the trading sector, valued at $494.93 million (14.66 percent), and production/manufacturing sector with $191.92 million (5.68 percent).

NBS stated that “capital importation during the reference period originated largely from the United Kingdom with $1,805.83 million, showing 53.49 percent of the total capital imported. This was followed by the Republic of South Africa with $582.34 million (17.25 percent) and the Cayman Islands with $186.21 million (5.52 percent).

“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2,782.41 million, accounting for 82.42 percent of the total capital imported. Abuja (FCT) followed with $593.58 million (17.58 percent), and Ekiti state with $0.01 million.

“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24 percent), followed by Citibank Nigeria Limited with $547.71 million (16.22 percent) and Rand Merchant Bank Plc with $528.73 (15.66 percent),” NBS said.