Total value of capital importation into Nigeria in the second quarter of 2022 has increased to $1.53535 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 per cent.
The National Bureau of Statistics (NBS) data reveals when compared to the preceding quarter, capital importation decreased by 2.40 per cent from $1.57314 billion.
The largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33 per cent amounting to $757.32 million.
This was followed by Other Investment with 41.09 per cent or $630.87 million and Foreign Direct Investment (FDI) accounted for 9.58 per cent or $147.16 million of total capital imported in Q2 2022. Disaggregated by sectors, capital importation into banking had the highest inflow of $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 $233.99 million or 15.24 per cent, and the financing sector with $197.31 million or 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 $781.05 million, accounting for 50.87 per cent.
This was followed by Singapore and the Republic of South Africa valued at $138.58 million or 9.03 per cent and $122.26 million or 7.96 per cent respectively.
By Destination of Investment, Lagos state remained the top destination in Q2 2022 with $1,054.18 million, accounting for 68.66 per cent of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $453.95 million (29.57 per cent).
Categorisation of Capital Importation by Bank shows that Citibank Nigeria Limited ranked highest in Q2 2022 with $450.94 million (29.37 per cent). This 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).
