April 21, 2024

Foreign investments into Nigeria increases by 66.77% to $1,060.73 in Q4 2023

Foreign capital investments in Nigeria increased by 66.27 per cent to $1,060.73 million in the fourth quarter of 2023 compared to the preceding quarter.

The National Bureau of Statistics Nigeria Capital Importation Q4 2023 disclosed this in its latest data.

According to the report, Nigeria’s capital importation also rose by 2.62 per cent compared to the figure in Q4 2022.

Accordingly, Other Investment ranked top, accounting for 54.64 per cent ($594.74 million) of total capital importation in Q4 2023, followed by Portfolio Investment with 28.46 per cent ($309.76 million) and Foreign Direct Investment (FDI) with 16.90 per cent (US$183.97 million).

Similarly, the report stated that the production and manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 per cent of total capital imported in Q4 2023, followed by the banking sector, valued at $283.30 million (26.03 per cent), and financing with $135.59 million (12.46 per cent).

NBS noted that Capital Importation originated largely from the United Kingdom with US$267.24 million and recorded a 24.55 per cent share during the reference period, followed by Mauritius with $226.18 million (20.78 per cent) and the Netherlands with $149.93 million (13.77 per cent).

Lagos State remained the top destination in Q4 2023 with $771.68 million, accounting for 65.38 per cent of total capital importation, followed by Abuja (FCT) with $370.80 million (34.07 per cent) and Rivers state with US$6.00 million (0.55 per cent).

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q4 2023 with US$499.45 million (45.88 per cent), followed by Citibank Nigeria Limited with US$229.06 million (21.04 per cent) and Rand Merchant Bank Plc with US$85.85 (7.89 per cent).

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