Lagos has been identified, among other states, as the top recipient destination of capital inflow into Nigeria, with 65.38 per cent of the total volume of imported capital.
This was revealed in the latest report published by the Nigerian Bureau of Statistics (NBS) regarding capital importation into the country in the fourth quarter of 2023.
According to the report, capital inflow into Lagos State alone accounted for $771.68 million during the period, constituting 65.38 per cent of the total capital inflow into Nigeria, which amounted to $1,088.48 billion.
Moreover, the report also stressed that Abuja secured the second position as a destination for capital inflow into Nigeria during Q4 2023, attracting $370.80 million, equivalent to 34.07 per cent of the national capital importation. Subsequently, Rivers State also received $6.00 million, accounting for 0.55 per cent of the national capital influx during the same period.
The NBS also noted that total capital importation into Nigeria of $1.088 billion in Q4 2023 slightly surpassed the $1.060 billion recorded in Q4 2022, representing a 2.62 per cent increase.
Capital importation increased by 66.27 per cent compared to the previous quarter, rising from $654.65 million in Q3 2023.
The report also said that other investments led in total capital importation, constituting 54.64 per cent ($594.74 million), followed by Portfolio investment at 28.46 per cent ($309.76 million), and Foreign Direct Investment (FDI) at 16.90 per cent ($183.97 million).
The report also added that the production/manufacturing sector attracted the highest capital inflow, reaching $450.11 million, accounting for 41.35 per cent of total capital imported in Q4 2023. The banking sector trailed it with $283.30 million (26.03 per cent, and financing with $135.59 million (12.46 per cent.
Capital importation during this period predominantly originated from the United Kingdom, contributing $267.24 million, and holding a share of 24.55 per cent.
Following closely were Mauritius with $226.18 million (20.78 per cent and the Netherlands with $149.93 million (13.77 per cent. Stanbic IBTC Bank Plc led in receiving capital importation into Nigeria in Q4 2023, securing $499.45 million (45.88%). Citibank Nigeria Limited trailed this with $229.06 million (21.04%) and Rand Merchant Bank Plc with $85.85 million (7.89%).
