A latest report by the National Bureau of Statistics (NBS) revealed that there has been a significant increase in capital importation into Nigeria by banks from $908,268,899.27 recorded in Q1 2017 to $1,792,344,742.38 reported in Q2 2107.
Capital importation is simply the inflow of foreign capital into Nigeria either in the form of cash (loan or equity) or goods.
Capital is imported through financial institutions into Nigeria. According to the NBS, these three banks had the largest capital importation in the second quarter of 2017:
- Stanbic IBTC
Stanbic IBTC accounted for 32.91% or $589.84 million of the total share in Q2 of 2017 when compared with its 9.12% or $82, 798, 093.24 share recorded in the first quarter of the year.
- Citi Bank Nigeria
Citi Bank Nigeria accounted for 19.12% or $342.7 million of capital importation in Q2 of 2017 when compared with its share of 5.12% or $46,515,420.73 in the first quarter of the year.
- Standard Chartered Bank
Standard Chartered Bank recorded a share of 18.7% down from the 25.49% or $231,532,064.45 share it reported in the first quarter of 2017. However, it was $103.7 million more than the amount it reported in the first quarter of the year. Hence the total share of capital importation by the bank for Q2 2017 is $335,247,174.75.
Out of the $1,792,344,742.38 capital importation by banks recorded in Q2 2017, these three banks accounted for 70.7% or $1,267.8 million of total capital importation during the second quarter, while the other 22 banks accounted for the balance.