Banking Sector Attracted $1.89bn Investment In Q2, Says NBS
The banking sector of the Nigerian economy attracted a total of $1.89bn in the second quarter of 2019. A report on capital importation released by the National Bureau of Statistics (NBS) showed that the banking sector dominated capital importation during the quarter.
A further breakdown by banks showed that Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria with $1.77 billion within the period, accounting for 30.34 per cent of the total capital inflow.
The total value of capital importation into Nigeria stood at $5.82 billion in the second quarter of 2019, representing a decrease of -31.41 per cent compared to the first quarter of 2019 and +5.56% increase compared to the second quarter of 2018.
The largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.76 per cent ($4.29 billion) of total capital importation, followed by Other Investment, which accounted for 22.41 per cent ($1.30 billion) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83 per cent ($222.89m) of total capital imported in Q2 2019.
The United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2019 with $3.13 billion, accounting for 53.85 per cent of the total capital inflow in the second quarter of 2019.
By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q2 2019 with $4.14 billion, accounting for 71.09 per cent of the total capital inflow in second quarter of 2019.