Nigeria’s capital import drops by 28% in Q1 2023 – NBS



Uba Group

The total capital imported into Nigeria in the first quarter of 2023 stood at $1,132 billion.

The figure is lower than the $1,573 billion recorded in the comparable period of Q1 2022, translating to a 28% decrease.

However, when compared to the preceding quarter, capital importation rose by 6.78% from $1,060 billion in Q4 2022.

This was contained in the Q1 capital importation report, released by the National Bureau of Statistics at the weekend.

The report also disclosed that bulk of the capital came in through Portfolio Investment, which accounted for 57.32%, about $649.28 million.

In addition, the NBS report said that Other Investment contributed $435.76 million or 38.31%, followed by Foreign Direct Investment with $47.60 million or 4.20%.

A breakdown of sector performance shows that capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89% of total capital imported in Q1 2023.

This was followed by capital imported into the production sector, valued at $256.12 million, representing 22.61%, and information technology Services with $216.06 million or 19.08%.

Analysis of Capital Importation by Country of Origin, according to the NBS report, reveals that capital from the United Kingdom ranked top in Q1 2023 with $673.64 million, accounting for 59.47%. It was followed by the United Arab Emirates and the United States valued at $108.28 million or 9.56% and $95.36 million or 8.42% respectively.

“By destination of Investment, Lagos State remained the top destination in Q1 2023 with $704.87 million, accounting for 62.23% of total capital investment in Nigeria.

“It was followed by the Federal Capital Territory, Abuja, with imports valued at $410.27 million, representing 36.22%. Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with $424.13 million, accounting for 37.45%, followed by Standard Chartered Bank Nigeria Limited with $360.33 million, representing 31.81% and Stanbic IBTC Bank with $151.85 representing 13.41%,” the report said.