The National Bureau of Statistics (NBS) has reported that Nigeria recorded $2.60 billion in capital importation for the second quarter (Q2) of 2024.
This figure reflects a decrease of $771.51 million, or 22.85 percent, compared to the $3.37 billion noted in the first quarter (Q1) of the year. However, on a year-on-year basis, foreign investment in the country surged by 152.8 percent from the $1.30 billion recorded in Q2 2023.
According to the NBS, total capital importation into Nigeria for Q2 2024 reached $2,604.50 million, significantly higher than the $1,030.21 million recorded in the same quarter last year.
The report indicated that foreign portfolio investments (FPI) dominated the inflows, totaling $1.4 billion, which represents 53.93 percent of the overall capital importation. Other investments followed with $1.16 billion, or 44.92 percent, while foreign direct investment (FDI) contributed the least at $29.83 million, accounting for just 1.15 percent of the total.
The banking sector led the way in capital inflows, attracting $1,123.95 million, or 43.15 percent of the total. This was followed by the production/manufacturing sector, which garnered $624.71 million (23.99%), and the trading sector, which received $569.22 million (21.86%).
In terms of geographical sources, the United Kingdom emerged as the largest contributor, accounting for $1.12 billion (43.01 percent) of the total capital importation. The Netherlands followed with $577.82 million (22.19%), and the Republic of South Africa contributed $255.98 million (9.83%).
At the state level, Lagos remained the top destination for capital importation, receiving $1.36 billion, or 52.52 percent of the total. Abuja came in second with $1.23 billion (47.48 percent), while Ekiti state received a minimal amount of $0.0003 million.
Notably, Citibank was the leading recipient of capital importation in Q2 2024, with $818.46 million (31.43 percent). Standard Chartered Bank followed with $654.79 million (25.14 percent), and Rand Merchant Bank received $488.59 million (18.76 percent).
