Nigeria’s capital importation increased by 210 per cent to $3,376.01 million in the first quarter of 2024.

The National Bureau of Statistics, NBS, latest Nigeria’s Capital Importation data for Q1 2024 was released on Monday.

According to the report, the nation’s capital importation rose to $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, thereby indicating an increase of 198.06 per cent and 210 per cent increase from $1,088.48 million recorded in Q4 2023.

The report attributed the increase to high Portfolio Investment valued at “$2,075.59 million, accounting for 61.48 per cent; followed by Other Investment with $1,181.25 million, accounting for 34.99 per cent”.

“Foreign Direct Investment recorded the least with $119.18 million (3.53 per cent) of total capital importation in Q1 2024.

“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24 per cent), followed by Citibank Nigeria Limited with $547.71 million (16.22 per cent) and Rand Merchant Bank Plc with $528.73 million (15.66 per cent).”

Further analysis showed that Nigeria’s capital importation during the period originated largely from the United Kingdom with $1,805.83 million, showing 53.49 per cent of the total capital imported.

This was followed by the Republic of South Africa with $582.34 million (17.25 per cent) and the Cayman Islands with $186.21 million (5.52 per cent).