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Stories by Chinenye Anuforo
In further demonstration of its commitment to support Nigeria’s economic recovery and development, Stanbic IBTC, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 per cent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 per cent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 per cent or $1,267.8 billion of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investment was the key mover of capital during the quarter, growing by 145.7 per cent, followed by Other Investments, which rose by 95.02 per cent, with Foreign Direct Investment (FDI) rising by 29.8 per cent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million or 43 per cent of the total. In second place was Other Investments with $747.5 million or 41.7 per cent, and FDI with $274.4 million or 15.3 per cent.
The accomplishment reflects Stanbic IBTC’s strength, strong leadership and unyielding support of its parent company, the 154-year-old Standard Bank Group, Africa’s largest financial institution.
Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged that it will continue to provide support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 per cent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 per cent.
