The National Bureau of Statistics’ foreign capital report shows that, compared to the first three months of 2023, Nigeria’s importation of foreign capital decreased by 9.04% in the second quarter of 2023.
The Times reported that the country’s foreign capital decreased by 32.90% year over year, from $1.53 billion in the second quarter of 2022 to $1.03 billion in the second quarter of 2023.
Accounting and finance brought in the greatest capital through investments, accounting for 81.28% ($837.34 million) of total capital imports.
Portfolio Investment came in second with 10.37% (US$106.85 million) and Foreign Direct Investment came in third with 8.35% (US$86.03 million).
The production sector experienced the largest inflow of capital during the period under review, totaling US$605.04 million, or 58.73% of all capital imports.
The banking industry came in second, with revenue of US$194.58 million (18.89%), and shares came in last, with a revenue of US$68.63 million (6.66%).
Lagos State maintained its lead in the rankings for capital imports, bringing in US$778.06 million, or 75.52% of all capital imports.
Abuja came in second with S$194.58 million (18.89%). 93.3% of the nation’s total capital imports came from both locations. Just $68.63 million (6.66%) of foreign investment went to the remaining 35 states.
The United States made the largest contribution in terms of the country from which foreign capital came, bringing in US$271.92 million, or 26.39% of the total.
Singapore and the Republic of South Africa came in second and third, with US$177.44 million (17.22%) and US$136.95 million (13.29%), respectively.
First Bank of Nigeria Limited brought in the most amount of capital into Nigeria in the second quarter of 2023, bringing in US$323.13 million, or 18.23% of the total.
Rand Merchant Bank came in second with US$126.03 million (6.47%), closely followed by Citibank Nigeria Limited with US$187.77 million (12.23%).
