According to The National Bureau of Statistics (NBS), Q3-2023 recorded a 36.75% fall in Capital importation into Nigeria from US$1,030.21bn in Q2 2023 to US$654.65mn, also indicating a decline of 43.55% from US$1,159.67bn recorded in Q3 2022.
According to the NBS, Lagos state remained the top destination in Q3 2023 with US$308.83mn (47.18%), of total capital importation, followed by Abuja (FCT) with US$194.66mn (29.73%) and Abia state with US$150.09mn (22.93%).
Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q3 2023 with US$222.84mn (34.04%), followed by Citibank Nigeria Limited with US$190.03mn (29.03%) and Zenith Bank Plc with US$83.04 (12.68%).
The Netherlands was referenced as the highest contributor of Capital Importation during the reference period with US$175.62mn (26.83%) share, flowed by Singapore with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).
The NBS data shows that ”Other Investment” ranked top, accounting for 77.56% (US$507.77mn) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31% (US$87.11mn) and Foreign Direct Investment (FDI) with 9.13% (US$59.77mn).
Similarly, the production/manufacturing sector recorded the highest inflow with US$279.51mn, representing 42.70% of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93mn (19.54%), and Shares with US$85.49mn (13.06%).