In the fourth quarter of 2023, Nigeria saw a 2.62% increase in capital importation, reaching $1.09 billion, compared to the same period the previous year. This marked a 66.27% rise from the preceding quarter, Q3 2023.

Leading the facilitation of these inflows were Stanbic IBTC Bank, Citibank Nigeria, and Rand Merchant Bank. Stanbic IBTC Bank topped the list with $499.45 million, representing 45.88% of the total capital importation. Citibank Nigeria followed with $229.06 million (21.04%), and Rand Merchant Bank with $85.85 million (7.89%).

Lagos State was the primary destination for these investments, attracting $771.68 million, or 65.38% of the total inflows. Abuja (FCT) and Rivers State followed with $370.80 million (34.07%) and $6.00 million (0.55%) respectively.

The composition of capital importation was diverse, with other investments leading at 54.64% ($594.74 million), followed by portfolio investments at 28.46% ($309.76 million), and foreign direct investments at 16.90% ($183.97 million).

The production and manufacturing sector received the highest inflow, totaling $450.11 million, representing 41.35% of the total capital imported. The banking sector followed with $283.30 million (26.03%) and financing with $135.59 million (12.46%).

Source: Punch