The National Bureau of Statistics (NBS) has announced that Nigeria recorded $2.6 billion in capital imports in the second quarter of 2024 (Q2).
Capital imports are the inflow of funds from abroad to promote investment, trade, and manufacturing within a country.
In its latest capital import report for the second quarter of 2024, NBS released on Tuesday the amount was $771.51 billion compared to $3.37 billion recorded in the first quarter (Q1) of this year. (22.85%).
According to the bureau, year-on-year foreign investment increased by 152.8% compared to $1.3 billion in the same period in 2023.
“Total capital imports into Nigeria in the second quarter of 2024 were USD 2,604.5 million, higher than the USD 1,030.21 million in the second quarter of 2023, representing an increase of 152.81%,” NBS said.
“Compared to the previous quarter, capital imports decreased by 22.85% from USD 3,376.01 million in the first quarter of 2024.”
Breaking down the inflows, NBS said that foreign securities investments (FPI) topped the list at $1.4 billion, accounting for 53.93% of the total investment, followed by other investments at $1.16 billion (44.92%).
Foreign direct investment (FDI) amounted to $29.83 million (1.15%), generating the lowest foreign capital inflow in the second quarter of 2024, the statistics firm said.
“The banking sector recorded the highest inflow with USD 1,123.95 million, accounting for 43.15% of the total capital imports in Q2 2024, followed by the production/manufacturing sector with USD 624.71 million (23.99%); The trade sector accounted for USD 569.22 million (21.86%),” NBS added.
The group said capital imports during the period under review were primarily from the United Kingdom as Nigeria received $1.12 billion representing 43.01% of total capital imports from the country.
“This was followed by the Netherlands with US$577.82 million (22.19%) and the Republic of South Africa with US$255.98 million (9.83%),” the agency said.
On state analysis, the statistical firm said that among the three states that recorded capital imports in the quarter, Lagos remained the top destination ($1.36 billion), accounting for 52.52% of total capital imports. Ta. This was followed by Abuja State with $1.23 billion (47.48%) and Ekiti State ($0.003 million).
According to NBS, Citibank had the highest capital import into Nigeria in the second quarter of 2024 with $818.46 million (31.43%), followed by Standard Chartered Bank with $654.79 million (25.14%). and Rand Merchant Bank with $488.59 million (18.76%).
