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Nigeria’s capital inflow drops by 28% – NBS

Bisola David
Bisola David

The Nigerian Bureau of Statistics’ most recent report shows a 28% decrease in overall capital inflow to Nigeria during the first quarter of 2023.

The amount of capital intake during the first three months of the year totaled $1.13 billion, down $441 million from the same period in 2022.

The first quarter of 2022 had $1.5 billion in capital imports and the capital inflow increased from $1.06 billion by 6.78% as compared to the previous quarter, which is Q4 of 2022.

Nigeria attracted more capital investments from portfolio investments during the first quarter than from any other sector.

An estimated $649 million, or 57.32% of the total capital intake, was invested in the portfolio.

Nigeria received $301 million from bonds, $222 million from stocks, and $125 million from money markets as part of the portfolio investments category.

Nigeria drew foreign capital through a variety of industries, including trade credits, loans, and currency deposits, in addition to portfolio investments.

With a contribution of $673 million, or 59.47% of the overall capital inflow, the United Kingdom emerged as Nigeria’s top source of capital.

With $108 million, the United Arab Emirates came in second, while the United States of America contributed $95 million.

Singapore and South Africa each made contributions of $69 million and $91 million, respectively.

Lagos State, which got $704 million of the $1.13 billion total investment capital and accounted for 62% of the overall investment capital into Nigeria, received the greatest share of capital inflow.

The next recipient was the Federal Capital Territory, which got $410 million. The final three states Akwa Ibom, Adamawa, and Anambra received $5.2 million, $4.5 million, and $4.0 million, respectively.

When foreign capital inflow was broken down by industry, the banking sector received 26% ($304 million) of all foreign capital during the first quarter.

IT services garnered 19% ($216 million), closely followed by the production sector with 22.61% ($256 million).

Trading received $91 million, while the financial industry saw an inflow of $118 million.

$22.5 million went to the communication sector, while $12.94 million went to the transportation sector. While shares saw an increase of $88 million, agriculture only saw a meager $4.84 million.

Electricals, the brewery, and the oil and gas industries each contributed 0.65% of the total capital intake.

Cross-border capital flows have several benefits since they increase investor returns and allow for risk diversification.

The investments across industries, countries, and banks offer insights into the trends and choices affecting Nigeria’s economy in the first quarter of 2023, notwithstanding the decline in overall capital importation.


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