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How Much Capital Importation Did Nigeria Receive in 2023?

Power

Published: 14th Feb, 2024

3min Read

In Q3, 2023, Nigeria saw a significant decline in total capital importation, with figures dropping to $654.65 million, 36.45% lower than the $1,030.21 million recorded in Q2 2023 and 43.55% lower than the $ 1,159.67 million recorded in Q3 2022. 

What Investment Raked in the Most Capital Imports?

Among the many investment categories, non-direct investments, like loans, dominated the scale of contribution to Nigeria’s total capital importation, with $507.77 million. This accounted for 77.56% of the capital imported into Nigeria in the third quarter of 2023. Portfolio Investment and Foreign Direct Investment (FDI) followed, representing $87.11 million (13.31%) and $59.77 million (9.13%) respectively. 

What Sector Had the Most Capital Imports?

The production and manufacturing sector was the top destination for most capital imports in Q3 2023, attracting $279.51 million, representing 42.70% of the total capital imported during that timeframe. The finance sector followed closely, accounting for $127.93 million (19.54%) of capital inflows. Then, shares traded on NGX attracted $85.49 million (13.06%) of capital imports.

What Are the Sources of Nigeria’s Capital Importation?

Capital inflows during Q3 of 2023 originated from many countries, with the Netherlands leading the pack, with a $ 175.62 million contribution, amounting to 26.83%. Singapore followed with $79.15 million (12.09%), and the United States led the rear with $ 67.044 million (10.24%).

Where Do Nigeria’s Capital Imports Go?

Lagos State was the top destination for capital imports in Q3 2023, attracting $308.83 million, which accounted for 47.18% of total capital importation in the quarter. Abuja, the nation’s capital city, came a close second, attracting $194.66 million, 29.73% of those capital imports. Abia state garnered $150.09 million, 22.93% of these investments, placing it in third place.

What Nigerian Bank Received the Most Capital Imports?

Several Nigerian banks facilitated the easy movement of the capital imports received in Nigeria in Q3 2023. Stanbic IBTC stood out the most for obtaining the highest capital imports, amounting to $ 222.84 million (34.04%). Citibank Nigeria was the second highest for facilitating transactions worth $190.03 million, amounting to 29.03% of capital imports, and Zenith Bank Plc came third with US$83.04 or 12.68%.

Where Does this Data Come From?

All data cited in this report were sourced from the National Bureau of Statistics via: https://nigerianstat.gov.ng/elibrary/read/1241434

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