By Melvin Onwubuke
Citibank Nigeria Limited, Stanbic IBTC Bank Plc and First Bank of Nigeria Plc have become evident as the top destinations for foreign investment in Nigeria for 2023.
According to findings by nairametrics, cash inflow into the country, passes more, through this financial institutions, indicating investor’s trust in their capacity and market strategies.
Although, Citibank encountered a decrease in capital inflow, from the preceding year’s of $1.47 billion, Citibank Nigeria Limited nevertheless, retained the top spot with substantial $1.03 billion in foreign investments according to NBS data.
This development, positions Citibank as the go-to bank for foreign investors that are particular, about stability in Nigeria banking sector.
Stanbic IBTC Plc follows with a notable increase in foreign investment, soaring to $919.32 million 2023 from $803.36 million in the preceding year. This is attributed to the bank’s strategic initiatives amidst challenging economic conditions.
First bank is another bank, that also experienced a significant increase in foreign investments, rising to $447.7 million in 2023 from a modest $187.39 in 2022.
Rand Merchant Bank and Zenith Bank also enjoyed significant growth in foreign investments with $263.15 million and $238.56 million respectively.
However, total foreign capital into Nigeria declined by 27% from $5.33 billion in 2022 to $3.91 billion 2023; inspite of the decline, 2023 still ended with remarkable foreign capital inflow from various nations.
