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Economy: Nigeria’s capital importation increases by 210 percent to $3.37m Q1 2024 ─NBS

*The National Bureau of Statistics discloses the total capital importation into Nigeria increased by 210.16 percent to $3,376 million in the first quarter (Q1) of 2024, indicating the Portfolio Investment ranked top with US$2,075 million, which accounted for 61 percent of the total capital

Isola Moses | ConsumerConnect

Nigeria’s National Bureau of Statistics (NBS) has revealed the total capital importation into the West African country increased by 210.16 percent to $3,376 million in the first quarter (Q1) of 2024.

The regulatory agency, in a newly released report noted that the rise in the figure was from $1,088 million recorded in Q4 2023.

The NBS stated the increase is higher than the $1,132 million recorded Q1 2023, indicating an increase of 198 percent.

ConsumerConnect reports capital importation into Nigeria involves a Certificate of Capital Importation (CCI) that is issued to a foreign investor as evidence of an inflow of foreign direct capital investment, either as equity or debt; cash or goods.

A CCI is issued by an authorised dealer on the behalf of the Central Bank of Nigeria (CBN).

Further details in the report showed that Portfolio Investment ranked top with US$2,075 million, accounting for 61 percent, followed by other investment with US$1,181m, accounting for about 35 percent.

Likewise, Foreign Direct Investment (FDI) recorded the least with US$119m (3.53 per cent) of total capital importation in Q1 2024.

The report also noted the banking sector of the Nigerian economy recorded the highest inflow with US$2,067 million, representing 61.24 percent of total capital imported in Q1 2024, followed by the Trading sector, valued at about $494 million (14.66 percent), and Production/Manufacturing sector with about $192 million (5.68 percent).

Capital Importation during the reference period originated largely from the United Kingdom (UK) with about $1,806 million, showing 53.49 percent of the total capital imported, NBS said in the report.

This was followed by the Republic of South Africa with $582 million (17.25 percent) and the Cayman Islands with US$186 million (5.52 percent).

Of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $2,782 million, accounting for 82 percent of the total capital imported into the West African country.

Whereas Abuja followed with $593 million (17.58 per cent), and Ekiti state with $0.01 According to NBS, StanbicIBTC Bank Plc received the highest capital importation into Nigeria Q1 2024 with $1,257 million (37.24 percent), followed by Citibank Nigeria Limited with about $548 million (16.22 percent) and Rand Merchant Bank Plc with about $529 (15.66 percent).

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