Portfolio investment has helped push up Nigeria’s capital importation, accounting for 61.48 per cent of the total $3.37bn recorded in the first quarter of 2024, according to the National Bureau of Statistics (NBS) capital importation report in the first quarter of 2024.
In the report, Nigeria’s total capital importation rose by 210.16 per cent in the first quarter of 2024 from $1.08 billion recorded in the fourth quarter of 2023, 2023 to $3.37 billion in the period under review.
When compared to the corresponding quarter of 2023, capital importation increased by 198.06 per cent in the first quarter of 2024.
While portfolio investment led with $2.07 billion, making up 61.48 per cent of the total, foreign Direct Investment was the smallest, with $119.18 million (3.53 per cent) of the total capital importation in the first quarter of 2024.
The Banking sector saw the highest inflow, receiving $2.06 billion constituting 61.24 per cent of total capital imports followed by the Trading sector at $494.93 million representing 14.66 per cent of capital imports and the Production/Manufacturing sector at $191.92 million making 5.68 per cent of capital imports in the country.
During the reference period, the majority of capital importation came from the United Kingdom, amounting to $1.81 billion, representing 53.49 per cent of the total. This was followed by the Republic of South Africa with $580 million (17.25 per cent) and the Cayman Islands with $190 million (5.52 per cent).
