Banking, trade and manufacturing sectors led 210% surge in capital imports in Q1 2024 – NBS

The banking, trade and manufacturing sectors led the way as Nigeria’s capital imports grew by 210.16 per cent in the first quarter (Q1) of 2024.

This is based on the latest Nigerian Capital Imports Q1 2024 report released by the National Bureau of Statistics (NBS) on Monday.

Capital imports are the flow of funds from abroad to encourage investment, trade, and manufacturing in a country.

According to the report, the banking sector recorded the highest inflow of $2.07 billion, accounting for 61.24 percent of the total capital imported in Q1 2024,” the NBS said.

The trade sector recorded $494.93 million (14.66 percent), while the production and manufacturing sector received $191.92 million (5.68 percent).

The report further stated that total imported capital reached $3.38 billion in Q1 2024, up from $1.09 billion recorded in Q4 2023.

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On a year-on-year basis, NBS data showed that foreign investment in the country grew by 198.06 percent compared to $1.13 billion in Q1 2023.

“In Q1 2024, total capital imports into Nigeria reached US$3,376.01 million, higher than the US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%,” the NBS said.

“Compared to the previous quarter, capital imports increased by 210.16% from US$1,088.48 million in Q4 2023.”

The bureau said foreign portfolio investment (FPI) topped the list at $2.08 billion, accounting for 61.48 percent, followed by other investments at $1.18 billion, accounting for 34.99 percent.

Foreign Direct Investment (PMA) was recorded as the lowest, at $119.18 million (3.53 percent) of total capital imports in Q1 2024.

“Capital imports during the reference period came mainly from the UK at US$1,805.83 million, accounting for 53.49% of total capital imports,” the bureau said.

“Followed by the Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).”

According to the NBS, only Lagos, Abuja and Ekiti states attracted capital imports.

Lagos State remained the top destination with $2.78 billion, accounting for 82.42 percent of total capital imports, followed by Abuja (FCT) with $593.58 million (17.58 percent), and Ekiti State with $12.750 million.

NBS said Stanbic IBTC Bank Plc received the highest capital import by a bank, recording $1.25 billion (37.24 percent) during the period under review, Citibank Nigeria Limited got $547.71 million (16.22 percent) and Rand Merchant Bank Plc received $528.73 (15.66 percent).

By: Babajide Okeowo

Banking, trade, manufacturing lead as capital imports surge by 210% in Q1 2024- NBS appeared first on Latest Nigeria News | Headlines from Ripples Nigeria.