Total capital inflow into Nigeria in the first quarter (Q1) of 2023 slipped to $1.132 billion lower than the $1.573 billion (-28%) recorded in the same period a year ago.
However, the amount is 6.78% higher than the $1.06 billion imported in Q4 2022, according to the Nigerian Capital Importation – Q1 2023 report released yesterday by the National Bureau of Statistics (NBS).
Like in the past, Lagos State led the pack at the sub-national level with $704.9 million (62.23%) of the investment inflows, followed by the FCT $410.27 million (36.22%); Akwa Ibom $5.21 million; Adamawa $4.5 million; and Anambra ($4.0 million) among the top 5 destination of investment during the period.
“By destination of Investment, Lagos State remained the top destination in Q1 2023 with $704.87 million, accounting for of total capital investment in Nigeria.
The report also showed that bulk of the capital inflow were from Portfolio Investment about $649.28 million (57.32%,), Other Investment contributed $435.76 million (38.31%), and Foreign Direct Investment (FDI) with $47.60 million (4.20%).
A further breakdown of the sector performance put the Banking industry in the lead with $304.56 million (26.89%),
Production $256.12 million (22.61%), and Information Technology Services $216.06 million (19.08%).
“Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with $424.13 million, accounting for 37.45%, followed by Standard Chartered Bank Nigeria Limited with $360.33 million, representing 31.81% and Stanbic IBTC Bank with $151.85 representing 13.41%,” the report said.
Furthermore, the United Kingdom (UK) topped the Capital Importation by Country of Origin, with $673.64 million (59.47%); followed by the United Arab Emirates (UAE) with $108.28 million (9.56%) and the United States (U.S.) with $95.36 million (8.42%), respectively.
Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with $424.13 million, accounting for 37.45%, followed by Standard Chartered Bank Nigeria Limited with $360.33 million, representing 31.81% and Stanbic IBTC Bank with $151.85 representing 13.41%.
