The National Bureau of Statistics (NBS) has reported an 8.53 percent decline in capital importation into Nigeria in the fourth quarter (Q4) of 2022.
The agency released a new report detailing capital importation inflows for the period, stating that the total capital imported into the country was worth $1.06 billion, down from $1.16 billion in the preceding quarter.
This represents a 51.51 percent decrease from the $2.19 billion recorded in the fourth quarter of 2021. The report revealed that only five out of the 36 states and the federal capital territory (FCT) attracted capital investments in Q4 2022.
Lagos received the highest capital investment of $600 million, accounting for 56.63 percent of the total capital inflow.
The FCT followed with $424.50 million, while Akwa Ibom, Anambra, and Ondo states received $31.47 million, $4 million, and $0.20 million, respectively.
Other investments received the largest capital importation by type, accounting for 65.17 percent ($691.23 million), followed by portfolio investment with 26.89 percent ($285.26 million) and foreign direct investment (FDI) with 7.94 percent ($84.23 million).
NBS further disclosed that the production sector received the highest capital investment of $392.54 million, representing 37.01 percent of the total capital imported in Q4 2022. This was followed by the banking sector, which received $255.45 million (24.08 percent), and the telecoms sector, with $168.27 million (15.86 percent). Citibank Nigeria Limited ranked highest in Q4 2022 with $308.72 million (29.10 percent) of total capital investment, followed by Standard Chartered Bank Nigeria Limited with $232.45 million (21.91 percent) and Rand Merchant Bank with $102.00 million (9.62 percent).
The top three countries with the highest capital importation by value into Nigeria were the United Kingdom ($455.24 million), accounting for 42.92 percent of the total capital inflow in Q4 2022, followed by South Africa ($119.31 million) and the United Arab Emirates ($116.82 million). NBS noted that Nigeria imported capital worth $5.33 billion in 2022, representing a 20.47 percent decline compared to $6.7 billion in 2021.
