Capital importation into Nigeria down 28% in Q1, 2023 – NBS

Recent data from the National Bureau of Statistics (NBS) has shown that total capital importation into Nigeria in Q1, 2023, stood at $1,132.65 million, lower than $1,573.14 million recorded in Q1, 2022, indicating a 28% drop.

When compared to the preceding quarter, capital importation rose by 6.78% from $1,060.73 million in Q4 2022.

The NBS also reported that the largest capital importation during the period came from Portfolio Investment that accounted for 57.32% ($649.28 million) of total capital imported in Q1 2023.

This was followed by Other Investment with 38.31% ($435.76 million) and Foreign Direct Investment (FDI) with 4.20% ($47.60 million).

Disaggregated by sectors, capital importation into the banking sector recorded the highest inflow of $304.56 million, representing 26.89% of total capital imported in Q1 2023.

This, the NBS said was followed by capital imported into the production sector, valued at $256.12 million (22.61%) and IT Services with US$216.06 million (19.08%).

By Destination of Investment, Lagos State remained the top destination in Q1, 2023, with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria.

This was followed by Abuja (FCT), valued at US$410.27 million (36.22%).

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