UK, Mauritius, Netherlands, Singapore, top Nigeria’s source of capital importation in Q4

The United Kingdom, Mauritius, Netherlands, Singapore, and South Africa have emerged as the top five sources of capital importation into Nigeria in the Fourth Quarter of 2023.

The National Bureau of Statistics (NBS) disclosed this in its Nigeria Capital Importation Q4 2023 report recently released.

In Q4 2023, total capital importation into Nigeria stood at $1,088.48 million, slightly higher than the $1,060.73 million recorded in Q4 2022, indicating an increase of 2.62%.

In comparison to the preceding quarter, capital importation rose by 66.27% from $654.65 million in Q3 2023.

Giving a breakdown of the source of the inflow, capital Importation during the reference period originated largely from the United Kingdom with $267.24 million, and recorded a 24.55% share. This was followed by Mauritius with US$226.18 million (20.78%) and the Netherlands with $149.93 million (13.77%).

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Others are Singapore with $144.25m worth of capital importation and South Africa with $116.37m.

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

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

The production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35% of total capital importation in Q4 2023, followed by the banking sector, valued at $283.30 million (26.03%), and financing with $135.59 million (12.46%).

By: Babajide Okeowo

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