Capital importation to Nigeria hit $1.13bn in Q1.
Newsonline Nigeria reports that Nigeria’s total capital importation was $1.13 billion in the first quarter (Q1) of 2023, with the United Kingdom, United Arab Emirates, United States, South Africa and Singapore leading investments into the country.
This is 6.78 per cent higher than the $1.06 billion reported in the fourth quarter (Q1) of 2022, but 28 per cent lower than the $1.57 billion reported in Q1 last year.
The National Bureau of Statistics (NBS) revealed this in its Nigeria Capital Importation report for the first quarter of this year.
NBS stated that Foreign Portfolio Investment (FPI), Other Investment and Foreign Direct Investment (FDI) make up the total capital importation.
“The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023.
“This was followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million),” the bureau reported.
Investments from the United Kingdom contributed $673.64 million (59.47 per cent) to the total capital importation, according to the report.
The United Arab Emirates was next on the list of countries of origin, as $108.28 million (9.56%) worth of investments came from the Arab country.
United States contributed $95.36 million (8.42%), South Africa accounted for $91.14 billion and Singapore recorded $69.84 billion.
These investments went to Lagos state, which led the top five destinations with $704.87 million, while Abuja received $410.27 billion.
Adamawa was ranked in the third position after securing $4.50 billion of the total capital importation, Akwa Ibom followed with $5.21 billion and Anambra received $4 million.
“By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria.
“This was followed by Abuja (FCT), valued at US$410.27 million (36.22%),” NBS disclosed in its Q1 capital importation report.
