A total of $1,120.15 million in capital inflow from the United Kingdom led others to Nigeria, as foreign inflow into the largest African economy dropped in the second quarter of 2024.
The latest report from the National Bureau of Statistics (NBS) shows $2,604.50 million inflows into Nigeria in Q2 2024, a 22.85 per cent drop from the $3,376.01 million reported in Q1 but an increase of 152.81 per cent over the figure of Q2 2023.
A breakdown of the inflow shows Portfolio Investment ranked top with US$1,404.70 million, accounting for 53.93 per cent, followed by Other Investment with US$1,169.97 million, accounting for 44.92 per cent. Foreign Direct Investment recorded the least with US$29.83 million (1.15 per cent) of total capital importation in Q2 2024.
The Banking sector recorded the highest inflow with US$1,123.95 million, representing 43.15 per cent of total capital imported in Q2 2024, followed by the Production/Manufacturing sector, valued at US$624.71 million or 23.99 per cent, and the Trading sector with US$569.22 million or 21.86 per cent.
43.01 per cent of the capital Importation during the reference period came from the United Kingdom, followed by the Netherlands, with US$577.82 million or 22.19 per cent, and the Republic of South Africa, with US$255.98 million or 9.83 per cent.
As usual, Lagos topped the destination and led the three states that recorded capital importation during the quarter, with US$1,367.84 million, accounting for 52.52 per cent of the total capital imported. Abuja (FCT) followed with US$1,236.64 million or 47.48 per cent, and Ekiti state with US$0.0003 million.
Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with US$818.46 million or 31.43 per cent, followed by Standard Chartered Bank Nigeria Limited with US$654.79 million or 25.14 per cent and Rand Merchant Bank Plc with US$488.59 representing 18.76 per cent.
