2023: Lagos leads as Nigeria’s foreign capital inflow hits $1.13bn in first quarter

2023: Lagos leads as Nigeria’s foreign capital inflow hits $1.13bn in first quarter

Lagos state received the largest share of the $1.13 billion foreign capital inflow into Nigeria in the first quarter of 2023, receiving $704 million, representing 62 per cent of the total investment capital into the country.

According to the latest report by the Nigerian Bureau of Statistics, the Federal Capital Territory (FCT) followed, receiving $410 million. Akwa Ibom, Adamawa, and Anambra completed the top five states, receiving $5.2 million, $4.5 million, and $4.0 million, respectively.

Analyzing foreign capital inflow by sector, the banking sector attracted the most foreign capital during the first quarter, receiving 26 per cent ($304 million) of the total foreign capital.

The production sector followed closely with 22.61 per cent ($256 million), and IT services received 19 per cent ($216 million). The finance sector recorded a capital inflow of $118 million, while trading received $91 million.

The telecoms sector received $22.5 million, and the transport sector attracted $12.94 million. Agriculture received a modest $4.84 million, while shares gained $88 million.

The oil and gas sectors, brewery, and electricals represented 0.07 per cent, 0.06 per cent, and 0.65 per cent of the total capital inflow, respectively.

Meanwhile, Nigeria’s total capital inflow for the first three months of the year stood at $1.13 billion- a drop of $441 million when compared to the corresponding quarter of 2022.

UNI Agric Markurdi
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