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Investment Inflow Drops By 28 per cent In Q1 2023

 



 By Awoyemi Adebisi Oluwaseun



Report by the National Bureau of Statistics (NBS)  revealed that the Total capital importation into Nigeria in Q1 2023 stood at US$1,132.65 million, lower than US$1,573.14 million recorded in Q1 2022, indicating a decrease of 28.00% 



When compared to the preceding quarter, capital importation rose by 6.78% from US$1,060.73 million in Q4 2022.


According to the report, the largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023.



This was followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).


Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023.


This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).


Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%.


This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively.


By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria.


This was followed by Abuja (FCT), valued at US$410.27 million (36.22%).


Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%).


This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%).

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