Capital importation into the country grew Quarter-on-Quarter (QoQ) by 210 percent to $3.38 billion in the first quarter of 2024 (Q1'24) from $1.09 billion in the fourth quarter of 2023 (Q4'23).
The National Bureau of Statistics, NBS disclosed this yesterday in its capital importation report for Q1'24.
Similarly, Year-on-Year, YoY capital importation rose by 198 percent to $ 3.38 billion from $1.13 billion in Q1'23.
NBS said: "In Q1'24, total capital importation into Nigeria stood at $3.38 billion, higher than $1.13 billion recorded in Q1'23, indicating an increase of 198.06 percent.
"In comparison to the preceding quarter, capital importation rose by 210.16 percent from $1.09 billion in Q4'23.
"Portfolio Investment ranked top with $2.08 billion, accounting for 61.5 percent, followed by other investment with $1.18 billion, accounting for 35 percent.
"Foreign Direct Investment recorded the least with $119.18 million (3.53 percent) of total capital importation in Q1'24.
"The banking sector recorded the highest inflow with $2.07 billion, representing 61.24 percent of total capital imported in Q1'24, followed by the trading sector, valued at $494.93 million (14.7 percent), and Production/Manufacturing sector with $191.92 million (5.68 percent).
"Capital Importation during the reference period originated largely from the United Kingdom with $1.8 billion, showing 53.5 percent of the total capital imported.
"This was followed by Republic of South Africa with $582.34 million (17.25 percent) and the Cayman Islands with $186.21 million (5.5 percent)
"Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2.8 billion, accounting for 82.4 percent of the total capital imported.
"Abuja (FCT) followed with $593.58 million (17.6 percent) and Ekiti state with $0.01 million.
"Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1'24 with $1.26 billion (37.24 percent) followed by Citibank Nigeria Limited with $547.71 million (16.22 percent) and Rand Merchant Bank Plc with $528.73 (15.7 percent)"