22 Banks Facilitated $23.9bn Investments In Nigeria — NBS

A total of 22 banks facilitated the $23.9bn investment which the economy attracted in the 2019 fiscal period.

Details of the investments which the banks attracted were contained in the Capital Importation Report obtained by our correspondent from the National Bureau of Statistics.

An analysis of the report showed that investment inflows into Nigeria in 2019 came in through three main sources.

They are Foreign Direct Investments made up of equity and other capital investments; portfolio investment, comprising equity, bond and money market instruments; and other investments made up of trade credits, loans, currency deposits and other claims.

Findings revealed that many of the banks were able to facilitate large sums of investments into the economy as a result of their foreign exposure.

This, according to findings, had assisted the banks to channel the investments into the country.

A breakdown of the inflow showed that Stanbic IBTC facilitated the highest amount of $8.63bn into the country. This is about 35.97 per cent of the entire investment inflow in 2019.

This was followed by Rand Merchant Bank with $2.92bn; Standard Chartered Bank Nigeria Limited with $2.82bn; Citibank Nigeria Ltd, $2.28bn and Access Bank Plc with $1.8bn.

Similarly, a total investment of $1.64bn was facilitated into the economy through Ecobank Plc, First Bank, $1.05bn; FBN Merchant Bank, $290.46m; FSDH Merchant Bank, $46.09m; Fidelity Bank Plc, $103.15m; First City Monument Bank, $268.88m and Guaranty Trust Bank, $576.92m.

Also, Keystone Bank facilitated $0.11m; NOVA Merchant Bank, $18.88m; Providus Bank, $2.5m; Skye Bank, $0.53m; Sterling Bank, $51.66m; SunTrust Bank, $7.13m; Union Bank, $282.02m; United Bank for Africa, $753.73m; Wema Bank, $28.31m and Zenith Bank Plc, $394.17m.