Only 5 states contributed to Nigeria’s $1.03bn capital importation

LATEST data from the National Bureau of Statistics (NBS), showed that only five states generated $1.03 billion as capital importation for Nigeria in the second quarter of 2023. 

Compared with the first quarter of $1.13 billion, the amount decreased by 9.04 per cent. It is also 32.9 per cent lower than the $1.53 billion generated in Q2 2022.

Federal Capital Territory (Abuja), Akwa-Ibom, Ekiti, Lagos and Ogun state are the five states. For the record, 32 states did not generate capital importation between April and June 2023. 

Lagos State remained 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).

Akwa-Ibom State had $33.86 million (3.29 per cent), Ogun State $24.00 million (2.33 per cent) and Ekiti State $0.01 million.

The ICIR reported that 28 states had no capital importation in the first quarter of 2023. 

Capital importation is the influx of external resources into the local capital resources for investment, trade and business production.

The NBS divides capital importation into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various sub-categories.




     

     

    According to the report, Other Investment ranked top, accounting for 81.28 per cent ($837.34 million) of total capital importation in Q2 2023, followed by Portfolio Investment with 10.37 per cent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 per cent ($86.03 million).

    Meanwhile, by sector, the production sector recorded the highest inflow with $605.04 million (58.73 per cent), followed by the banking sector, valued at $194.58 million (18.89 per cent), and Shares with $68.63 million (6.66 per cent).

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    By country, the capital importation originated mainly from the United States with $271.92 million, followed by Singapore and the Republic of South Africa with $177.44 million and US$136.95 million, respectively.

    Also by the banking sector, First Bank of Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million (18.23 per cent), followed by Citibank Nigeria Limited with$187.77 million (12.23 per cent) and Rand Merchant Bank with $126.03 (6.47 per cent).

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    Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at [email protected] or Twitter: Prof_KennyJames

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