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The National Bureau of Statistics (NBS) says Nigeria’s capital importation rose to $1.73 billion in the third quarter of 2021.
It explained in its new report released over the weekend that the figure represented a 97.73 percent increase from $875.62 million in the preceding quarter of 2021— and 18.47 per cent compared to the corresponding quarter of 2020.
According to NBS, only five states, out of 36 states, and the Federal Capital Territory (FCT) received capital investments in Q3 2021.
Lagos recorded $1.48 billion, accounting for 85.57 per cent of the total capital inflow. Others include FCT ($249.19 million), Anambra ($44 million), Kano ($15 million) and Abia ($0.01 million).
“The largest amount of capital importation by type was received through portfolio investment, which accounted for 70.30 percent ($1,217.21 million) of total capital importation. This was followed by other investments, which accounted for 23.47 per cent ($406.35 million), and Foreign Direct Investment (FDI) amounted to 6.23 per cent ($107.81 million) of total capital imported in Q3 2021,” the report reads.
By sectors, capital importation into financing had the highest inflow of $469.17 million, amounting to 27.10 per cent of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the banking sector valued at $460.39 million (26.59 per cent) and the production sector $323.83 million (18.70 per cent).
Stanbic IBTC Bank Plc ranked highest in Q3 2021 with $537.92 million of total capital investment in Nigeria. This was followed by Standard Chartered Bank ($326.01 million), Citibank Nigeria Limited ($248.30 million), and the UBA ($200 million).
Meanwhile, Providus Bank Plc ($0.03 million), Coronation Merchant Bank ($0.12 million), and Sterling Bank plc ($0.18 million) were the least banks with capital inflows.
The report added that the highest capital importation by country came from the United Kingdom, valued at $709.8 million, representing 40.99 per cent. This was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.50 per cent), and $257.12 million (14.85 percent), respectively.
Nigeria imported capital cumulatively worth $4.51 billion between January and September 2021, representing a 47.6 per cent decline compared to $8.6 billion recorded in the same period of 2020
