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22 banks facilitated N8.8tn foreign inflow into Nigeria’s economy in 2019 —NBS

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Foreign investments valued at $23.9 billion (over N8.771 trillion) came into Nigeria by way of 22 banks last year, the statistics office has said.

The injection of foreign capital into the economy was accomplished via Foreign Direct Investments (equity and other investments), portfolio investment (equity, bond and money market instruments) and other investment forms including currency deposits, loans, trade credit and other claims.

Majority of the banks perfected these transactions in the form of foreign exposure by granting credit to overseas investors.

According to the Capital Importation Report from the National Bureau of Statistics, Stanbic IBTC accounted for the most inflow of $8.63 billion corresponding to about 35.97% of the overall foreign investment sum.

Rand Merchant Bank was responsible for $2.92 billion inflow; Citibank Nigeria Limited, $2.28 billion; Standard Chartered Bank Nigeria Limited, $2.82 billion and Access Bank $1.8 billion.

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Investment totalling $1.64 billion was consummated by Ecobank, $1.05 billion by First Bank, $290.46 million by FBN Merchant Bank, $46.09 million by FSDH Merchant Bank, $103.15 million by Fidelity, $268.88 million by First City Monument Bank and $576.92 million by Guaranty Trust Bank.

Keystone Bank accounted for $0.11 million; NOVA Merchant Bank, $18.88 million; Providus Bank, $2.5 million; Sterling Bank, $51.66 million; Skye Bank, $0.53 million; SunTrust Bank, $7.13 million; United Bank for Africa, $753.73 million; Union Bank, $282.02 million; Zenith Bank, $394.17 million and Wema Bank, $28.31 million.

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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