Citibank emerged top of capital investment in Q4 2020 —NBS

CITIBANK Nigeria Limited has emerged at the top of capital investment in Nigeria in the fourth quarter (Q4) of 2020 with $216.17 million. This represents 20.21 per cent of the total capital inflow in Q4 2020.

Further analysis of the report showed that while Polaris Bank, Heritage Bank, FBN Merchant Bank, Providus Bank, Unity Bank, Jaiz Bank, Keystone Bank, Coronation Merchant Bank ranked lowest with no capital imported into Nigeria in Q4 2020, Stanbic IBTC came second (next to Citi) with $163.69 million.

First Bank Nigeria emerged third with $140.77 million of capital imported into the country, followed by Zenith Bank with $126.56 million and Ecobank Nigeria Limited at fifth position with $121.37 million of capital imported into Nigeria.

Others are: Rand Merchant Bank, $110.16 million; Union Bank $59.18 million; Access Bank $49.29 million; UBA $23.54 million; Standard Chartered Bank $22.30 million, among others.

According to the NBS, a total of $1.069 billion was imported into Nigeria by the banking sector in the fourth quarter of 2020 and $9.680 billion for the full year 2020.

It further disclosed that the total value of capital importation into Nigeria stood at $1.069 billion in the fourth quarter of 2020. This represents a decrease of -26.81 per cent compared to Q3 2020 and -71.87 per cent decrease compared to the fourth quarter of 2019.

Similarly, the total value of capital importation in 2020 stood at $9.680 billion, compared to $23.990 billion in 2019, representing a decline of -59.65 per cent between the two periods.

The largest amount of capital importation by type was received through other investment, which accounted for 73.22 per cent ($783.26 million) of total capital importation, followed by Foreign Direct Investment (FDI), which accounted for 23.49 per cent ($251.27 million) of total capital imported and portfolio investment which accounted for 3.29 per cent ($35.15 million) of total capital imported in Q4 2020.

By sector, Capital importation by Shares dominated in Q4 2020 reaching $287.04 million of the total capital importation in Q4 2020.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q4 2020 with $236.88 million. This accounted for 22.14 per cent of the total capital inflow in Q4 2020.

By destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64 million. This accounted for 77.56 per cent of the total capital inflow in Q4 2020.

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