According to the National Bureau of Statistics (NBS), total capital importation in Nigeria reached $1,060.73 million in the fourth quarter of 2022 despite little interest from international investors in the local economy.
This was stated by the NBS in its report, Nigeria Capital Importation Q4 2022, which was made public on Wednesday in Abuja. According to the report, the Q4 result fell short of the 2,187.63 million dollars reported in Q4 2021, representing a reduction of 51.51%.
“When compared to the preceding quarter, capital importation also fell by 8.53 per cent from 1,159.67 million dollars in Q3 2022.’’
It said the largest capital importation during the period was received from other investments, which accounted for 65.17 per cent (691.23 million dollars) of total capital imported in Q4 2022. The report said this was followed by Portfolio Investment with 26.89 per cent (285.26 million dollars) and Foreign Direct Investments (FDIs) with 7.94 per cent (l84.23 million dollars).
“Disaggregated by Sectors, capital importation into the production sector recorded the highest inflow of 392.54 million dollars, representing 37.01 per cent of total capital imported in Q4 2022.
“This was followed by capital imported into the banking sector, valued at 255.45 million dollars (24.08 per cent ), and Telecoms with 168.27 million dollars (15.86 per cent ).’’According to the NBS, data on capital imports by country of origin shows that the United Kingdom placed first in Q4 2022 with 455.24 million dollars, or 42.92 percent, of all capital imported.
According to the research, the Republic of South Africa and the United Arab Emirates came in second and third, respectively, with values of 119.31 million dollars (11.25%) and 116.82 million dollars (11.01%). With 600.54 million dollars, Lagos state continued to be the leading investment destination in Q4 2022, accounting for 56.62 percent of all capital investment in Nigeria.
The report said this was followed by Abuja (FCT), valued at 424.50 million dollars (40.02 per cent). It said Categorisation of Capital Importation by banks shows that Citibank Nigeria Limited ranked top in Q4 2022 with 308.72 million dollars (29.10 per cent).
“This was followed by Standard Chartered Bank Nigeria Limited with 232.45 million dollars (21.91 per cent ) and Rand Merchant Bank with 102.00 million dollars (9.62 per cent).
However, it noted that on an annual basis, capital imports was $5,328.88 million in 2022, down from $6,700.51 million in 2021 by 20.47 percent. The total amount of capital imported into Nigeria decreased from 1,731.37 million dollars in Q3 2021 to 1,159.67 million dollars in Q3 2022. According to the Nigeria Capital Importation report for the third quarter of 2022, the number showed a reduction of 33.02 percent.
“When compared to the preceding quarter, capital importation fell by 24.47 per cent from 1,535.35 million dollars in Q2 2022.’’
It said the largest capital importation in Q3 2022 was received through other investments, which accounted for 54.83 per cent (635.87 million dollars).
“This was followed by Portfolio Investment with 38.12 per cent (442.08 million dollars) and Foreign Direct Investments (FDIs) with 7.05 per cent (81.72 million dollars).’’
Disaggregated by Sectors, the report showed that capital importation into banking had the highest inflow of 368.95 million dollars, representing 31.82 per cent of total capital imported in Q3 2022.
“This was followed by the financing sector, valued at 314.90 million dollars (27.15 per cent), and capital importation in shares with 104.58 million dollars (9.02 per cent).’’
According to the data, capital imports by country of origin showed that capital from the United Kingdom came in first place in Q3 2022 with 506.87 million dollars, or 43.7%. According to the report, Singapore and Hong Kong, valued at 184.86 million dollars (15.94%) and 106.39 million dollars, respectively, came in second and third (9.17 per cent).
According to the study, Lagos state continued to be the leading investment destination in Q3 2022 with 839.71 million dollars, or 72.41 percent of all capital investment in Nigeria. It stated that Abuja (FCT), valued at 303.81 million dollars, came in second, accounting for 26.20 percent.
Stanbic IBTC Bank Plc placed first in Q3 2022 according to the NBS’ Categorization of Capital Importation by Banks, with 301.84 million dollars representing 26.03 per cent.
“This was followed by Citibank Nigeria Limited with 274.19 million dollars (23.64 per cent) and Standard Chartered Bank Nigeria Limited with 233.34 million dollars (20.12 per cent).
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