The Nigeria Bureau of Statistics (NBS) has released stats about the total capital importation into Nigeria in Q1 2023.
The agency disclosed the nation was able to attract US$1.13 billion, lower than US$1.57 billion recorded in Q1 2022, indicating a decrease of 28.00%.
The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023.
This was followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).
Lagos state attracted most of the investment, $704.87 million, representing 62 percent of the total capital inflow into Nigeria.
According to the NBS report, these 28 states listed below failed to attract foreign investment in Q1 2023:
- Abia
- Bauchi
- Bayelsa
- Benue
- Borno
- Cross River
- Delta
- Ebonyi
- Edo
- Enugu
- Gombe
- Imo
- Jigawa
- Kaduna
- Kano
- Katsina
- Kebbi
- Kogi
- Kwara
- Nasarawa
- Osun
- Oyo
- Plateau
- Rivers
- Sokoto
- Taraba
- Yobe
- Zamfara
Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$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 US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).
Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%.
This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively.
By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria.
This was followed by Abuja (FCT), valued at US$410.27 million (36.22%).
Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%).
This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%).
