By Elizabeth Adegbesan

Nigeria’s capital importation fell quarter-on-quarter (QoQ) by 9.04 percent to $1.03 billion in the second quarter of 2023 (Q2’23) from $1.13 billion in Q1’23.

The National Bureau of Statistics, NBS, disclosed this today in its Capital Importation report for Q2’23 noting that other investments ranked top  accounting for 81.3 percent ($837.34 million) of total capital importation during the period.

The bureau also said that First Bank of Nigeria Limited received the highest capital into Nigeria with $323.13 million.

NBS  said:” In Q2′ 23, total capital importation into Nigeria stood at $1.03 billion, lower than $1.53 billion

recorded in Q2’22, indicating a decrease of 32.9 percent.

“When compared to the preceding quarter, capital importation fell by 9.04 percent from $1.13 billion in Q1’23.

“Other Investment ranked top accounting for 81.3 percent ($837.34 million) of total capital importation in Q2’23, followed by Portfolio Investment with 10.37 percent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.03 million).

“The production sector recorded the highest inflow with $605.04 million, representing 58.7 percent of total capital imported in Q2’23, followed by the banking sector, valued at $194.58 million (18.89 percent), and Shares with $68.63 million (6.6 percent).

“Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.4 percent, followed by Singapore and the Republic of South Africa with $177.44 million (17.2 percent) and $136.95 million (13.3 percent) respectively.

“Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.5 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.8 percent).

•”First Bank of Nigeria Limited received the highest capital into Nigeria in Q2’23 with $323.13 million (18.23 percent), followed by Citibank Nigeria Limited with $187.77 million (12.23 percent) and Rand Merchant Bank with $126.03 (6.47 per cent).”