Nigeria’s capital importation rises from $875.62m to $1.5bn in 2022 Q2

By Seun Ibiyemi

The total value of capital importation into Nigeria in the second quarter of 2022 stood at US$1.535.35 billion from US$875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 per cent. When compared to the preceding quarter, capital importation decreased by 2.40 per cent from US$1.573.14 billion.

The National Bureau of Statistics (NBS) made this known on Wednesday in its document titled: Nigerian Capital Importation Q2 2022.

According to the document, the largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33 per cent (US$757.32 million).

This, said the NBS, was followed by Other Investment with 41.09 per cent (US$630.87 million) and Foreign Direct Investment (FDI) accounted for 9.58  per cent (US$147.16 million) of total capital imported in Q2 2022.

The report added, “Disaggregated by Sectors, capital importation into banking had the highest inflow of US$646.36 million amounting to 42.10 per cent of total capital imported in the second quarter of 2022.

“This was followed by capital imported into the production sector, valued at US$233.99 million (15.24 per cent), and the financing sector with US$197.31 million (12.85 per cent). Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of US$781.05 million, accounting for 50.87 per cent.

“This was followed by Singapore and the Republic of South Africa valued at US$138.58 million (9.03 per cent) and US$122.26 million (7.96 per cent) respectively.”

The NBS noted that by Destination of Investment, Lagos state remained the top destination in Q2 2022 with US$1,054.18 million, accounting for 68.66 per cent of total capital investment into Nigeria.

It said this was followed by investment into Abuja (FCT) valued at US$453.95 million (29.57 per cent).

NBS said categorisation of Capital Importation by Bank shows that Citibank Nigeria Limited ranked highest in Q2 2022 with US$450.94 million (29.37 per cent).

This, it said, was followed by Standard Chartered Bank Nigeria Limited with US$323.24 million (21.05 per cent) and Stanbic IBTC Bank Plc with US$163.92 (10.68 per cent.