AS if in a race to outpace each other in capital importation into Nigeria , 19 other lenders have given way to Stanbic IBTC Bank Plc as it emerged at the top among them it terms of capital investment in Nigeria in the second quarter (Q2) of 2019.
The lender recorded $1.765 billion investments, representing 30.34 per cent of the total capital inflow and was trailed by City Bank which recorded $1.017 billion in the second quarter of 2019.
The “Nigerian Capital Importation, Quarter Two, 2019” report released and obtained from the National Bureau of Statistics (NBS) website over the weekend showed that the total value of capital importation into Nigeria in Q2, 2019 was $5.820 billion , representing a decrease of -31.41 per cent compared to the first quarter.
The report further showed that Rand Merchant Bank at $611.70 billion came third in the ranking of banks that attracted investments into the country. Others are: Ecobank at $485.42 billion, Coronation Merchant Bank which attracted $413.36 billion and stood at 5th position; Standard Chartered Bank at $327.95 billion; United Bank for Africa which attracted $288.47 billion ranked seventh while First Bank Nigeria emerged 8th at $213.00 billion investments in the review quarter.
Further breakdown of the report revealed that Access Bank Plc attracted $160.71billion investments into the country; Fidelity Bank attracted $133.45billion towering above FBN Quest which attracted $116.92billion while Guaranty Trust Bank netted in $76.85 billion.
Other banks that opened their doors to capital importation are: Zenith Bank $60.14 billion; Union Bank $51.07 billion; FCMB at $49.40 billion; FSDH Merchant Bank Limited $29.00 billion; Sterling Bank $17.97 billion; Wema Bank $1.54 billion; Polaris Bank brought in $0.50 billion and Keystone Bank with $0.11 billion while Unity Bank, Jaiz Bank, Providus, Heritage Bank and Suntrust Banks recorded no foreign capital importation in the review quarter according to the NBS.
However, the bureau noted that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.76 per cent ($4,292.89 million) of total capital importation. This was followed by Other Investment, which accounted for 22.41 per cent ($1,304.43 million) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83 per cent ($222.89 million) of total capital imported in Q2 2019.
By sector, Capital importation by banking dominated, reaching $1.892 biillion of the total capital importation in Q2 2019. The report showed that the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2019 with $3.134 billion. This accounted for 53.85 per cent of the total capital inflow. By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2019 with $4.137 billion. This accounted for 71.09 per cent of the total capital inflow in Q2 2019.