Road crashes rose by 8.56% in q2 — NBS

• capital inflow down by 32.90% in one year

Latest data from the Nigerian Bureau of Statistics (NBS) has revealed that road crashes increased by 8.56 per cent in quarter two of 2023.

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NBS, in its road transport data for quarter two of 2023, released yesterday, said an increase occurred in this quarter than the previous one, which recorded 2,733 and a 9.60 per cent fall from 3,282 in Q2 2022.

It stated that the total number of road traffic crashes in Q2 2023 was 2,967. Of all crashes, serious cases stood top in Q2 2023 with 1,919 compared to fatal and minor cases with 756 and 292 respectively. In addition, the three categories of cases increased in the review quarter relative to the preceding quarter.

A total of 1,120 males were killed in Q2 2023, accounting for 79.48 per cent of 1,409 persons killed, compared to 289 (20.51 per cent) females killed.

Also, a total of 6,430 males were injured during the period, indicating 76.76 per cent of 8,377 injured persons compared to 1,947 (23.24 per cent) females injured.

A total of 4,615 vehicles were involved in road traffic crashes in Q2 2023, higher compared to the previous quarter which recorded 4,095, indicating an increase of 12.70 per cent.

The North Central recorded the highest number of crashes in Q2 2023 with 980, followed by the South West with 795, while the South East had the least with 158.

Similarly, the North Central recorded the highest number of casualties with 3,036, followed by the South West with 2,104.

The Bureau also disclosed that the total capital imported into Nigeria in the second quarter (Q2) 2023 stood at $1,030.21 million, indicating a loss of 32.90 per cent over the  $1,535.35 million recorded in Q2 2022.

When compared to the preceding quarter, capital importation fell by 9.04 per cent from $1,132.65 million in Q1 2023.

However, an economist, Prof. Jonathan Aremu, has said it is wrong for the NBS to concentrate only on capital inflow, wondering what happened to the capital outflow.
Aremu said the most accurate measurement of capital importation is the flow of investments, which he said takes into account both inflows and outflows.

The NBS in the report noted that Other Investment ranked top accounting for 81.28 per cent, about $837.34 million of total capital importation in Q2 2023.

It said Portfolio Investment followed this with 10.37 per cent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 per cent ($86.03 million).

The report noted that the production sector recorded the highest inflow with $605.04 million, representing 58.73 per cent of total capital imported in Q2 2023, followed by the banking sector, valued at $194.58 million, that is 18.89 per cent, and Shares with $68.63 million, representing 6.66 per cent.

According to NBS, “Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.39 per cent, followed by Singapore and the Republic of South Africa with $177.44 million 17.22 per cent and $136.95 million 13.29 percent respectively.”

Lagos State maintained the top destination in Q2 2023 with $778.06 million, accounting for 75.52 per cent of total capital, followed by Abuja (FCT), with $194.28 million, 18.86 per cent, the report said.

NBS also said that First Bank of Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million, about 18.23 per cent, followed by Citibank Nigeria Limited with $187.77 million, which is 12.23 per cent and Rand Merchant Bank with $126.03, just 6.47 per cent.
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