Nigeria records $1.13bn capital inflow in first quarter, 2023

The National Bureau of Statistics says the country has recorded $1.13 billion total capital inflow in the first quarter of 2023 representing a 28% decline from $1.5 billion recorded in the corresponding quarter of 2022.

The new record shows an increase 6.78% When compared to the preceding quarter, that is Q4 of 2022 with the capital inflow $1.06 billion.

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).

Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023.

This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).

Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%.

This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively.

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%).

Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%). This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%). 

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