The latest report by the Nigeria Bureau of Statistics (NBS) has revealed that the country’s total capital import hit $ 1.06 billion in the fourth quarter of 2022.
NBS disclosed this in its “Nigeria Capital Importation Q4 2022,” noting that it dropped 51.51per cent from t 2.1 billion in the corresponding period Q4 2021.
“In Q4 2022, total capital importation into Nigeria stood at $1.060.73 billion, lower than $2.187.63 billion recorded in Q4 2021, indicating a decrease of 51.51per cent.”
According to the data, when compared to the preceding quarter, capital importation also fell by 8.53 per cent from $1.159.67 billion in Q3 2022.
NBS noted that the largest capital importation during the period was received from Other Investment, which accounted for 65.17per cent ($691.23 million) of total capital imported in Q4 2022.
It added that this was followed by Portfolio Investment with 26.89per cent ($285.26 million) and Foreign Direct Investment (FDI) with 7.94 per cent ($84.23 million).
The Bureau said that disaggregated by Sectors, capital importation into the production sector recorded the highest inflow of 392.54 million, representing 37.01per cent of total capital imported in Q4 2022.
It said this was followed by capital imported into the banking sector, valued at $255.45 million (24.08per cent), and Telecoms with $168.27 million (15.86 per cent).
On Capital Importation by Country of Origin, said NBS, “revealed that capital from the United Kingdom ranked top in Q4 2022 with $455.24 million, accounting for 42.92 per cent. This was followed by the Republic of South Africa and the United Arab Emirates valued at $119.31 million (11.25per cent) and $116.82 million (11.01 per cent).”
On Destination of Investment, the report said Lagos state remained the top destination in Q4 2022 with US$600.54 million, accounting for 56.62per cent of total capital investment in Nigeria.
The Bureau added that it was followed by Abuja (FCT), valued at $424.50 million (40.02per cent).
NBS noted that Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q4 2022 with $308.72 million (29.10per cent).
The report revealed that this was followed by Standard Chartered Bank Nigeria Limited with $232.45 million (21.91per cent) and Rand Merchant Bank with $102.00 (9.62per cent).
NBS noted that however, on an annual basis, capital importation was $5,328.88 million in 2022, a decrease of 20.47 per cent from $6,700.51 million in 2021.
