Nigeria’s capital importation drops to $1.13bn, Lagos tops destination list

Lagos State attracted the highest capital importation by states in the first quarter (Q1) 2023, as Nigeria’s total capital importation stood at $1.13 billion in the same quarter.

The total capital importation depreciated by 28 per cent year-on-year compared to the $1.57 billion reported in Q1 last year.

Although, on a month-on-month basis, the total capital importation increased by 6.78 per cent, against the $1.06 billion recorded in the fourth quarter of 2022.

The data was obtained from the National Bureau of Statistics (NBS) in a report titled; Nigeria Capital Importation, covering the first quarter.

Commenting on the investment type, the NBS said: “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.

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“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).”

It was disclosed that the United Kingdom led in the country of origin for the capital importation into Nigeria, accounting for $673.64 million (59.47 per cent).

Capital importation from the United Arab Emirates into the West African country was $108.28 million (9.56%), $95.36 million (8.42%) were recorded from the United States, South Africa accounted for $91.14 billion and $69.84 billion from Singapore.

According to the NBS, the top destinations of capital importation in Nigeria by state are Lagos state with $704.87 million, followed by Abuja, which recorded $410.27 billion.

The third on the list of top destination by state are Adamawa, with a value of $4.50 billion, Akwa Ibom received $5.21 billion and Anambra got $4 million.

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