Capital importation into Nigeria as at Quarter 4 2022 went down 51.51%, according to National Bureau of Statistics report for March 2023.
According to the report, in Q4 2022, total capital importation into Nigeria stood at US$1,060.73 million, lower than US$2,187.63 million recorded in Q4 2021, indicating a decrease of 51.51%. When compared to the preceding quarter, capital importation also fell by 8.53% from US$1,159.67 million in Q3 2022.
The largest capital importation during the period was received from Other Investment, which accounted for 65.17% (US$691.23 million) of total capital imported in Q4 2022. This was followed by Portfolio Investment with 26.89% (US$285.26 million) and Foreign Direct Investment (FDI) with 7.94% (US$84.23 million).
Disaggregated by Sectors, capital importation into the production sector recorded the highest inflow of US$392.54 million, representing 37.01% of total capital imported in Q4 2022. This was followed by capital imported into the banking sector, valued at US$255.45 million (24.08%), and Telecoms with US$168.27 million (15.86%).
Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q4 2022 with US$455.24 million, accounting for 42.92%. This was followed by the Republic of South Africa and the United Arab Emirates valued at US$119.31 million (11.25%) and US$116.82 million (11.01%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q4 2022 with US$600.54 million, accounting for
56.62% of total capital investment in Nigeria. This was followed by Abuja (FCT), valued at US$424.50 million (40.02%).
Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q4 2022 with US$308.72 million (29.10%). This was followed by Standard Chartered Bank Nigeria Limited with US$232.45 million (21.91%) and Rand Merchant Bank with US$102.00 (9.62%). However, on annual basis, capital importation was US$5,328.88 million in 2022, a decrease of 20.47% from US$6,700.51 million in 2021.
Siaka Momoh, Publisher/editor, enterprisenow.ng
