Victor EzejaThe Banking sector recorded the highest capital inflow into Nigeria in the third quarter of 2024.
According to data released by the National Bureau of Statistics (NBS), the banking sector received a total of $579.48 million which represents 46.26 per cent of total capital imported into the country in Q3 2024.
Join our WhatsApp ChannelThis was followed by the Financing sector, valued at $294.55 million (23.51 per cent), and Production/Manufacturing sector with $189.22 million (15.11 per cent). Others in the top five sectors that received the highest capital inflow include: Trading, $67.01 million, Shares $43.75 million and Electrical $28.30 million.
The NBS data revealed that the total capital importation into Nigeria in Q3 2024 was S$1.25 billion, a 91.35 per cent year on year increase from $654.65 million in Q3 2023. However, on a quarter-on-quarter basis, it dropped by 51.90 per cent from $2,604.50 million in Q2 2024.
Standard Chartered Bank Nigeria Limited received the highest capital importation into Nigeria in Q3 2024 with $385.62 million (30.78 per cent), followed by Stanbic IBTC Bank Plc with $382.08 million (30.50 per cent) and Citibank Nigeria Limited with $192.88 million (15.40 per cent). Others in the top five are Rand Merchant bank with $141.02 million, and Access bank with $51.81 million.
Investment by Type
The NBS report shows that Portfolio Investment was the highest by type of investment with $899.31 million, accounting for 71.79 per cent of the total capital importation in Q3 2024. This is followed by Other Investment which recorded $249.53 million (19.92 per cent). Foreign Direct Investment recorded the least with $103.82 million (8.29 per cent) of the total capital inflow into the country. The Q3 2024 figure for FDI represents 248.07 per cent increase from $29.83 million in Q2 2024.
READ ALSO: Nigeria’s Capital Importation Reaches $2.60bn In Q2, NBS Reports
Country of Origin
Most of the capital inflow in Q3 2024, came from the United Kingdom with $502.60 million. This indicates 40.12 per cent of the total capital imported. This was followed by South Africa with $185.03 million (14.77 per cent) and the United States with $163.86 million (13.08 percent).
States Capital inflow
The NBS report shows that only five out of 36 states of the federation recorded capital importation during the quarter. Lagos remained the top with $650.41 million, accounting for 51.92 per cent of the total capital imported. Abuja (FCT) followed with $600.02 million (47.90 per cent) and Kaduna State with $1.95 million (0.16 per cent). Others were Enugu with $184,229 and Ekiti State $96,600 respectively.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
