The National Bureau of Statistics (NBS) has reported that Nigeria’s total capital inflow for Q2 2024, stood at $2,604.50 million, higher than $1,030.21 million recorded in Q2 2023, indicating an increase of 152.81%.
In comparison to the preceding quarter, capital importation declined by 22.85% from $3,376.01 million in Q1 2024.
The NBS disclosed in its ‘Nigeria Capital Importation Q2 2024’ report published on its website on Tuesday.
According to the report, the banking sector recorded the highest inflow with $1,123.95 million, representing 43.15% of total capital imported in Q2 2024, followed by the production/manufacturing sector, valued at $624.71 million (23.99%), and trading sector with $569.22 million (21.86%).
The report also showed that portfolio investment ranked top with $1,404.70 million, accounting for 53.93%, followed by other investments with $1,169.97 million, accounting for 44.92% while foreign direct investment recorded the least with $29.83 million (1.15%) of total capital importation during the period.
Capital importation during the period originated largely from the United Kingdom with $1,120.15 million, showing 43.01% of the total capital imported.
It was followed by the Netherlands with $577.82 million (22.19%) and the Republic of South Africa with $255.98 million (9.83%).
“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $1,367.84 million, accounting for 52.52% of the total capital imported. Abuja (FCT) followed with $1,236.64 million (47.48%), and Ekiti state with $0.0003 million.
Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with $818.46 million (31.43%), followed by Standard Chartered Bank Nigeria Limited with $654.79 million (25.14%) and Rand Merchant Bank Plc with $488.59 (18.76%),” the report added.
