Amidst nationwide economic challenges, Lagos State maintained its status as the primary destination for capital influx into Nigeria during the fourth quarter of 2023, according to the latest report by the Nigerian Bureau of Statistics (NBS).
Capital inflow into Lagos totaled $771.68 million, comprising 65.38 per cent of Nigeria’s total capital importation, which amounted to $1.088 billion during the period. Abuja secured the second position, attracting $370.80 million, while Rivers State received $6.00 million in capital inflows.
Total capital importation slightly surpassed the previous year’s figures, marking a 2.62 per cent increase from Q4 2022. Other Investment led in total capital importation, followed by Portfolio Investment and Foreign Direct Investment (FDI).
The production/manufacturing sector emerged as the top recipient of capital inflow, with the United Kingdom, Mauritius, and the Netherlands leading in contributing countries. Stanbic IBTC Bank Plc led in receiving capital importation, followed by Citibank Nigeria Limited and Rand Merchant Bank Plc.
Despite the economic headwinds, Lagos’ resilience as a magnet for capital underscores its significance as Nigeria’s economic hub.
