Foreign capital importation into Nigeria rose dramatically by 152.8% Year-on-Year (YoY) to $2.6 billion in the second quarter of 2024 (Q2’24), up from $1.03 billion in the same period of 2023 (Q2’23). However, on a quarter-on-quarter (QoQ) basis, capital importation experienced a decline of 22.85%, falling from $3.37 billion in the first quarter of 2024 (Q1’24). This information was disclosed by the National Bureau of Statistics (NBS) in its Capital Importation Report for Q2’24.
Sector Breakdown
According to the NBS, the banking sector attracted the highest inflow during the review period, accounting for $1.12 billion of the total capital imported. The report further detailed the breakdown of capital importation:
- Total capital importation: $2.6 billion in Q2’24, up from $1.03 billion in Q2’23.
- Portfolio Investment: $1.4 billion (53.9% of total capital).
- Other Investment: $1.17 billion (44.9%).
- Foreign Direct Investment (FDI): $29.83 million (1.15% of total capital).
The NBS highlighted that the banking sector accounted for 43.15% of total capital imported in Q2’24, followed by the production/manufacturing sector, which received $624.71 million (23.9%), and the trading sector with $569.22 million (21.86%).