Foreign capital import reduces YoY
By Jeph Ajobaju, Chief Copy Editor
Foreign capital import to Nigeria totalled $1.06 billion in the fourth quarter of 2022 (Q4 2022), a 51.51 per cent decrease from $2.18 billion in Q3 2021, according to the National Bureau of Statistics (NBS) in its latest report.
“When compared to the preceding quarter, capital importation also fell by 8.53 percent from 1,159.67 million dollars in Q3 2022,’’ the NBS said.
The largest capital in Q4 2022 was from Other Investments, which accounted for 65.17 per cent ($691.23 million) of total capital imported in the quarter.
This was followed by Portfolio Investment with 26.89 per cent ($285.26 million) and Foreign Direct Investments (FDIs) with 7.94 per cent ($l84.23 million).
“Disaggregated by Sectors, capital importation into the production sector recorded the highest inflow of 392.54 million dollars, representing 37.01 percent of total capital imported in Q4 2022,” the report said.
“This was followed by capital imported into the banking sector, valued at 255.45 million dollars (24.08 percent), and Telecoms with 168.27 million dollars (15.86 percent).’’
The United Kingdom with $455.24 million (42.92 per cent) ranked top of capital importation by country of origin, followed by South Africa at $119.31 million (11.25 per cent) and the United Arab Emirates at $116.82 million (11.01 per cent)
Lagos remained the top investment destination in Q4 2022, accounting for $600.54 million or 56.62 per cent of the total, next was Abuja (Federal Capital Territory) at $424.50 million (40.02 per cent).
Categorisation of Capital Importation by banks shows Citibank ranked top with $308.72 million (29.10 per cent), followed by Standard Chartered Bank at $232.45 million (21.91 per cent), and Rand Merchant Bank at $102.00 million (9.62 per cent).
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Capital importation YoY
Year-on-Year (YoY), capital importation was $5,32 billion in 2022, a decrease of 20.47 per cent from $6.70 billion in 2021, per reporting by Tribune.
Total capital importation in Q3 2022 was $1.15 billion compared with $1.73 billion in Q3 2021, a decrease of 33.02 per cent.
“When compared to the preceding quarter,” the NBS said, “capital importation fell by 24.47 percent from 1,535.35 million dollars in Q2 2022.’’
The largest capital in Q3 2022 came through Other Investments, which accounted for 54.83 per cent ($635.87 million), followed by Portfolio Investment with 38.12 per cent ($442.08 million), and FDIs with 7.05 per cent ($81.72 million).
Sectoral allocation
Sectoral analysis shows banking had the highest inflow of $368.95 million (31.82 per cent) of total capital imported in Q3 2022.
“This was followed by the financing sector, valued at 314.90 million dollars (27.15 percent), and capital importation in shares with 104.58 million dollars (9.02 percent).’’
The UK ranked top in country of origin in Q3 2022 with $506.87 million (43.7 per cent), trailed by Singapore at $184.86 million (15.94 per cent) and Hong Kong at $106.39 million (9.17 per cent).
Lagos was the top destination in Q3 2022 with $839.71 million or 72.41 per cent of total, followed by the FCT at $303.81 million (26.20 per cent).
Stanbic IBTC Bank attracted the most banking sector capital in Q3 2022 at $301.84 million (6.03 per cent), followed by Citibank at $274.19 million (23.64 per cent), and Standard Chartered Bank at $233.34 million (20.12 per cent).
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