Nigeria’s Capital Imports Drop to $1.06bn in Q4 2022

The National Bureau of Statistics (NBS) says capital importation into Nigeria declined by 8.53 percent in the fourth quarter (Q4) of 2022.

This is contained in the agency’s new report on capital importation inflows for Q4 in 2022.

According to NBS, the total capital imported into the country in the period under review was valued at $1.06 billion — down from $1.16 billion in the preceding quarter.

When compared to the fourth quarter of 2021, total capital importation fell by 51.51 percent from $2.19 billion.

Also Read: NCDMB Unveils N7bn Pipe Manufacturing Plant in Bayelsa

Only five out of the 36 states and the federal capital territory (FCT), attracted capital investments in Q4 2022, the report said.

Lagos recorded $600 million, accounting for 56.63 percent of the total capital inflow, followed by FCT ($424.50 million), Akwa Ibom ($31.47 million), Anambra ($4 million), and Ondo ($0.20 million).

The largest capital importation by type in the quarter under review was received from other investments, which accounted for 65.17 percent ($691.23 million), followed by portfolio investment with 26.89 percent ($285.26 million) and foreign direct investment (FDI) with 7.94 percent ($84.23 million).

NBS said the sector that received the highest capital investment was production at $392.54 million representing 37.01 percent of the total capital imported in Q4 2022.

This was followed by capital imported into the banking sector, valued at $255.45 million (24.08 percent), and telecoms with $168.27 million (15.86 percent).

By banks, the data agency said Citibank Nigeria Limited ranked highest in Q4 2022 with $308.72 million — 29.10 percent of total capital investment — followed by Standard Chartered Bank Nigeria Limited with $232.45 million (21.91 percent), and Rand Merchant Bank with $102.00 million (9.62 percent).

The top three highest capital importation by country into Nigeria were the United Kingdom ($455.24 million), which accounted for 42.92 percent of the total capital inflow in Q4 2022; South Africa ($119.31 million); and the United Arab Emirates ($116.82 million).

Cumulatively, NBS said, Nigeria imported capital worth $5.33 billion in 2022, representing a 20.47 percent decline compared to $6.7 billion recorded in the same period of 2021.