Get Guardian on Google
Stanbic IBTC, a member of the Standard Bank Group facilitated a $589.84m capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria in the second quarter of 2017.
The National Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 per cent of ($589.84m or N216.47b) of the total share during the period.
This represented an increase of 9.12 per cent over the $536.78m it posted in the first quarter. That brings to $1.127b or N413.62b capital import by the bank in the first six months of 2017.
[ad]
Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267m of the total $1.792b capital importation during the quarter, while the other 22 banks generated the remaining.
The report stated that Portfolio Investments was the key mover of capital during the quarter, growing by 145.7 per cent, followed by Other Investments, which rose by 95.02 per cent and Foreign Direct Investment (FDI) by 29.8 per cent over the first quarter.
Details of the figures showed that Portfolio Investment accounted for $770.5m, or 43.0 per cent of the total. Other Investments came second with $747.5m or 41.7 per cent while FDI amounted to $274.4m or 15.3 per cent.
The figures reflect Stanbic IBTC strength, leadership and support of its parent company.
The NBS report showed that the bulk of capital inflows into Nigeria in Q2 came from the United Kingdom (UK), which accounted for $696.7m or 38.87 per cent of the total. The second largest value of capital importation came from the United States (U.S.) with $287.82m or 16.06 per cent.
