Nigeria records $1.08bn capital importation in Q4 2023
Nigeria recorded a 66.27 per cent increase in capital importation in the fourth quarter of last year (Q4 2023), representing $1.08 billion compared to $654.65 million in the preceding quarter.
This was disclosed on Tuesday by the National Bureau of Statistics (NBS).
This was also slightly higher than $1.06 billion recorded in Q4 2022 by 2.62 per cent.
According to the Nigerian Capital Importation Report for the review period, Other Investment type accounted for 54.64 per cent or $594.74 million of total capital importation in Q4.
This was followed by Portfolio Investment with $309.76 million or 28.46 per cent of total share.
Foreign Direct Investment (FDI) amounted to $183.97 million or 16.90 per cent.
According to the NBS, the production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 pet cent of total capital imported in the review period.
This was followed by the banking sector, which represented $283.30 million 26.03 per cent and financing which contributed $135.59 million or 12.46 per cent.
Capital Importation during the reference period originated largely from the United Kingdom with $267.24 million, with a share of 24.55 per cent.
This was followed by Mauritius with $226.18 million or 20.78 pet cent and The Netherlands with $149.93 million or 13.77 per cent.
Lagos state remained the top destination for foreign inflows with $771.68 million, accounting for 65.38 per cent of total capital importation.
It was followed by Abuja (FCT) with $370.80 million or 34.07 per cent and Rivers state with $6.00 million or 0.55 per cent.
