“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous year, Q4 2022, which saw capital importation valued at around US$1,060.73 million, there’s a modest uptick of 2.62%.”
“The breakdown of capital importation in Q4 2023 shows that Other Investment leads the pack, accounting for 54.64% (US$594.74 million), followed by Portfolio Investment at 28.46% (US$309.76 million), and Foreign Direct Investment (FDI) with 16.90% (US$183.97 million). In terms of sectors, the production/manufacturing sector attracted the highest inflow with US$450.11 million, representing 41.35% of the total capital imported, followed by the banking sector at US$283.30 million (26.03%), and financing with US$135.59 million (12.46%).”
“The data further indicates that capital importation during this period mainly originated from the United Kingdom, totaling US$267.24 million (24.55%), followed by Mauritius at US$226.18 million (20.78%), and the Netherlands with US$149.93 million (13.77%). Lagos state retained its position as the top destination, receiving US$771.68 million (65.38%), followed by Abuja (FCT) with US$370.80 million (34.07%), and Rivers state with US$6.00 million (0.55%).”
“Among the banks, Stanbic IBTC Bank Plc led in receiving capital importation, totaling US$499.45 million (45.88%), trailed by Citibank Nigeria Limited at US$229.06 million (21.04%), and Rand Merchant Bank Plc with US$85.85 million (7.89%).”
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