The United Kingdom, South Africa, and the United States were Nigeria’s top sources of capital importation in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS).
The report showed that total capital importation into Nigeria in Q3 2024 stood at US$1,252.66 million, reflecting a 91.35% increase from the US$654.65 million recorded in the same quarter of 2023. However, the figure represents a 51.90% decline compared to the US$2,604.50 million recorded in Q2 2024.
By type, portfolio investment accounted for the largest share with US$899.31 million (71.79%), followed by other investment at US$249.53 million (19.92%), while foreign direct investment contributed the least with US$103.82 million, representing 8.29% of the total.
The banking sector led all sectors in capital importation with US$579.48 million, making up 46.26% of total inflows. This was followed by the financing sector, which received US$294.55 million (23.51%), and the production/manufacturing sector with US$189.22 million (15.11%).
The United Kingdom was the top source of capital importation, contributing US$502.60 million or 40.12% of the total. This was followed by the Republic of South Africa with US$185.03 million (14.77%) and the United States with US$163.86 million (13.08%).
Out of the five states that recorded capital inflow in the quarter, Lagos State was the highest destination with US$650.41 million (51.92%), followed by the Federal Capital Territory (Abuja) with US$600.02 million (47.90%). Other states included Kaduna with US$1.95 million, Enugu with US$184,229, and Ekiti with US$96,600.
Among financial institutions, Standard Chartered Bank Nigeria Limited received the highest capital importation with US$385.62 million (30.78%), followed by Stanbic IBTC Bank Plc with US$382.08 million (30.50%) and Citibank Nigeria Limited with US$192.88 million (15.40%).
The NBS releases the capital importation report quarterly.
