CEM REPORT | Capital importation in the second quarter of the year (Q2’22) has fallen to $1.53 billion representing a 2.4 percent decline from $1.57 billion in the preceding quarter.
This is according to the National Bureau of Statistics in its report titled ‘Nigerian Capital Importation Q2 2022’ released on Wednesday.
However, the Bureau noted that the current value of capital importation in Q2 2022 is 75 percent from $875.62 million in the corresponding quarter of 2021.
Also, the national statistics office added that the largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33 per cent followed by Other Investment with 41.09 per cent ($630 million)
Foreign Direct Investment accounted for 9.58 per cent ($147 million) of total capital imported in Q2 2022 representing a -5.04% decrease from the $154.97 million received in Q1 2022. It is however a 88.73% increase from the $77.97 million received in Q2 2021
According to the report, capital importation in the banking sector had the highest inflow of $646 million accounting for 42.10 percent of total capital imported in the second quarter of 2022.
The reports add that the production sector follows with $233 million accounting for 15.24 percent, and the financing sector with $197 million contributing 12.85 percent.
Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of $781.05 million, accounting for 50.87 percent.
Singapore and the Republic of South Africa followed $138.58 million representing 9.03 percent and $122.26 million representing 7.96 percent respectively.
The report revealed that by destination of investment, Lagos State remained the top destination in Q2 2022 with over $1 billion, accounting for 68.66 per cent of total capital investment into Nigeria.
This was followed by investment into Abuja (FCT), valued at $453.95 million accounting for 29.57 percent.
By Bank, Citibank Nigeria Limited ranked highest in Q2 2022 with $450.94 million (29.37 percent).
This was followed by Standard Chartered Bank Nigeria Limited with $323.24 million (21.05 percent) and Stanbic IBTC Bank Plc with US$163.92 (10.68 percent).