Lagos State has continued to remain the top investment destination in Nigeria as it attracted $1,119.44 million in the first quarter (Q1) of 2022, accounting for 71.16 per cent of total capital investment into Nigeria.
On the other hand, the total value of capital importation into Nigeria in Q1 of 2022 fell from $2,187.63 million in the preceding quarter showing a decrease of 28.09 per cent, to $1,573.14 million.
The data is contained in the capital importation report released by the National Bureau of Statistics (NBS) over the weekend.
According to the NBS report, when compared to the corresponding quarter of 2021, Nigeria’s capital importation decreased by 17.46 per cent from $1,905.89 million.
Abuja, the Federal Capital Territory (FCT) followed Lagos State as investment, valued at $446.81 million representing 40 per cent was attracted in the period under review.
The NBS report further showed that the largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87 per cent ($957.58 million).
“This was followed by Other Investment with 29.28 per cent (US$460.59 million) and Foreign Direct Investment (FDI) accounted for 9.85 per cent ($154.97 million) of total capital imported in Q1 2022,” the NBS said.
Continuing, the NBS report states “disaggregated by Sectors, capital importation into banking had the highest inflow of US$818.84 million amounting for 52.05 per cent of total capital imported in the first quarter of 2022.
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“This was followed by capital imported into the production sector, valued at US$223.67 million (14.22%) and the financing sector with US$199.37 million (12.67 per cent).
“Capital Importation by Country of Origin reveals that United Kingdom ranked top as the source of capital imported into Nigeria in the first quarter of 2022 with a value of US$1.021.21 million, accounting for 64.92 per cent”.
This was followed by the Republic of South Africa and the United States of America valued at $117.50 million, indicating 7.47 per cent and $82.07 million, representing 5.22 per cent respectively.
Categorization of total capital investment by Bank shows that Standard Chartered Bank Nigeria ranked highest in Q1 2022 with $543.20 million, indicating 34.53 per cent.
This was followed by Citi Bank Nigeria Limited with $439.03 million, showing 27.91 per cent and Stanbic IBTC Bank Plc with $251.52, representing 15.99 per cent.
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