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Lagos Contributes $704m to Capital Inflow (FDI)

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Capital inflows, BDC, customs duty rate

CEM REPORT, FINANCE | Lagos attracted a total of $704 million in Foreign Direct Investment (FDI) in the first quarter of 2023 (Q1’23).

Lagos tops seven other states to contribute to the cumulative total of $1.13 billion Nigeria record in capital inflows in Q1’23.

This is according to the National Bureau of Statistics (NBS) recently released Foreign Direct Investment data for Q1’23.


The report details that Lagos, Abuja, Adamawa, Akwa Ibom, Anambra, Ekiti, Ogun, Ondo, and Niger were the only states to witness capital inflows in the review period.

Abuja trailed behind Lagos with an FDI of $410.27 million, and Akwa Ibom followed with $5.21 million. Adawama attracted $4.50 million, Anambra $4 million, Ogun $2.09 million, Niger $1.50 million, Ondo $0.20 million, and Ekiti attracted $0.01 million.

“By destination of investment, Lagos State remained the top destination in Q1, 2023 with $704.87m, accounting for 62.23 per cent of total capital investment in Nigeria. This was followed by Abuja, valued at $410.27m (36.22 per cent).”

Although the NBS report noted a 28 per cent decrease in total capital importation when compared to the first quarter of 2022, it added that the largest capital importation in Q1’23 was from portfolio investment.

It detailed that portfolio investment accounted for 57.32 per cent ($649.28m) of total capital imported in the review quarter followed by other investment with 38.31 per cent ($435.76m) and Foreign Direct Investment with 4.20 per cent ($47.60m).

Sectorial analysis shows that the banking sector recorded the highest inflow of $304.56m, representing 26.89 per cent of total capital imported, followed by capital imported into the production sector, valued at $256.12m (22.61 per cent), and IT Services with $216.06m (19.08 per cent).

It was further disclosed that the capital importation from the United Kingdom was highest in Q1, 2023.

“Total capital importation into Nigeria in Q1, 2023 stood at $1.13bn, lower than $1.57bn recorded in Q1 2022, indicating a decrease of 28 per cent. When compared to the preceding quarter, capital importation rose by 6.78 per cent from $1.06bn in Q4 2022.”

“Capital importation by country of origin reveals that capital from the United Kingdom ranked top in Q1, 2023 with $673.64m, accounting for 59.47 per cent. This was followed by the United Arab Emirates and the United States valued at $108.28m (9.56 per cent) and $95.36m (8.42 per cent) respectively.”

“Categorisation of Capital importation by banks shows that Citibank Nigeria Limited ranked top in Q1, 2023 with $424.13m (37.45 per cent). This was followed by Standard Chartered Bank Nigeria Limited with $360.33m (31.81 per cent) and Stanbic IBTC Bank with $151.85 (13.41 per cent).”

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