Capital inflows decreased by 8.53 percent, from $1.15 billion in the previous quarter to $1.06 billion in the fourth quarter of last year (Q4 2022). According to the data, Lagos received $3.61 billion in total yearly inflows, while the Federal Capital Territory (FCT) garnered $1.62 billion.
In spite of the state chief executives’ propensity to travel abroad in pursuit of foreign investors, further study of the report showed that 27 states failed to bring in any dollars as foreign capital inflow throughout the year. Lagos State continued to lead in capital investment with $600.54 million, or 56.62 percent of the nation’s total capital investment, while the Federal Capital Territory (FCT) garnered $424.50 million, or 40.02 percent.
Meanwhile, capital importation by banks showed that Citibank Nigeria Limited ranked top with $308.72 million (29.10 per cent), Standard Chartered Bank Nigeria Limited accounted for $232.45 million (21.91 per cent) and Rand Merchant Bank with $102.00 (9.62 per cent).
