Capital inflow into Nigeria rose to $1.5bn in Q2 –NBS

Foreign capital inflows into the Nigerian economy in the second quarter (Q2) of 2022, increased to $1.535 billion (N632.8bn) from the $875 million in the second quarter of 2021, according to a report by the National Bureau of Statistics (NBS).

The report said the figure represents an increase of 75.34 per cent, although when it is compared to Q1 2022, indicates  a 2.40 per cent decline from $1.573.14billion.

NBS, in the document, said that the largest amount of capital received was through portfolio investment, which accounted for 49.33 per cent ($757.32m).  This was followed by Other Investment with 41.09 per cent ($630.87m) and Foreign Direct Investment (FDI) which accounted for 9.58 per cent ($147.16m) of total capital imported in Q2 2022.

By sector performance, capital importation into banking sector witnessed the highest inflow of $646.36million, accounting for 42.10 per cent of the total capital import, while capital imported into the production sector stood  at $233.99million (15.24 per cent), with  the financing sector following  with $197.31million (12.85 per cent).

The report also said by country of origin, funds from the United Kingdom ranked top at $781.05million, accounting for 50.87 per cent, followed by Singapore and the Republic of South Africa at $138.58million (9.03 per cent) and $122.26million (7.96 per cent) respectively.

In terms of Destination of Investment, Lagos state was the top destination in Q2 2022 with $1,054.18million, accounting for 68.66 per cent of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $453.95m (29.57 per cent).