- Nigeria’s capital importation fell by 22.85% in Q2 2024, from $3.37 billion to $2.60 billion, according to the NBS report
- Despite the decline, capital importation increased by 152.8% year-on-year, rising from $1.03 billion in Q2 2023 to $2.60 billion
According to the National Bureau of Statistics (NBS) Capital Importation report, Nigeria’s capital importation fell by 22.85% in the second quarter of 2024, dropping from $3.37 billion in the first quarter to $2.60 billion.
Despite the quarterly decline, capital importation increased by 152.8% compared to the same period in 2023, rising from $1.03 billion to the current figure.
Portfolio Investment led the inflow by type, accounting for $1.40 billion, or 53.93% of total capital importation.
Other Investment followed with $1.169 billion, representing 44.92% of the total. Loans dominated the “Other Investment” category, amounting to $1.15 billion, or 98.6% of this segment.
For Portfolio Investments, capital inflows into equities accounted for 10.67% of the total, at $149.93 million. Money market instruments attracted the largest share of Portfolio Investment, with $1.07 billion, or 76.6%. Bonds made up 12.6% of the total, at $177.79 million.
Foreign Direct Investment (FDI) was the lowest category, contributing only $29.83 million, or 1.15%, in Q2 2024. FDIs have struggled in recent quarters due to rising interest rates drawing cash into money market instruments instead of the real economy.
The banking sector attracted the most capital inflows in Q2 2024, with $1.12 billion, making up 43.15% of the total. The Production/Manufacturing sector followed this with $624.71 million (23.99%) and the Trading sector with $569.22 million (21.86%).
The United Kingdom was the largest source of capital importation, contributing $1.12 billion (43.01%), followed by the Netherlands with $577.82 million (22.19%) and the Republic of South Africa with $255.98 million (9.83%).