Citibank, Standard Chartered, and Stanbic IBTC led the list of banks with the highest dollar inflows into the Nigerian economy in the first half of the year. This is according to a report released by the National Bureau of Statistics (NBS).
Nigeria attracted $3.11 billion as foreign inflows in H1 2022, a 11.8% increase compared to $2.78 billion received in the corresponding period of 2021. When compared to the previous period, capital inflows declined by 20.7% from $3.92 billion attracted in the second half of 2021.
A sum of $889.9 million came into the Nigerian economy through Citibank between January and June 2022, accounting for 28.6% of the total capital importation recorded in the period under review. Also, a total of $866.44 million was routed through Standard Chartered Bank Nigeria, which represents 27.9% of the total.
Stanbic IBTC followed with an inflow of $415.44 million, representing 13.4% of the total inflows into Nigeria. Notably, out of the 28 banks listed, 21 of them recorded foreign inflows in the period under review.
Interestingly, the top banks on this link are subsidiaries of international banks, Citibank Nigeria being owned by Citibank Overseas Investment Corporation, a subsidiary of Citibank N.A (USA). In the same vein, Standard Chartered is a subsidiary SC, which is a British multinational banking and financial services company headquartered in London.
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Most of the funds that came into the economy were sourced from the United Kingdom, South Africa, Singapore, and the USA with $1.8 billion, $239.8 million, $203 million, and $162.3 million respectively, a possible reason why international banks ranked highest on the list of financial institutions in the country with the highest capital inflows.
- Capital importation in the review period stood at $3.11 billion compared to $3.92 billion received in the second half of 2021.
- Portfolio investments stood at $1.71 billion in the same period, representing 55.2% of the total inflows, foreign direct investment (FDI) on the other hand, accounted for 9.7% with $302.13 million inflows.
- Other investment, which includes trade credit, loans, currency deposits, and other claims accounted for 35.1% of the total inflows with $1.09 billion inflows.
- In the period under review, most of the funds came into Lagos State ($2.17 billion), followed by Abuja with $900.8 million, and Anambra State with $28.86 million.
Top 10 banks with highest inflows
- Citibank tops the list with $889.97 million
- Closely followed by Standard Chartered Bank Nigeria with $866.44 million.
- Stanbic IBTC Bank saw $415.44 million routed through its institution in the first half of the year, a decline from $991.7 million recorded in H2 2021.
- Zenith Bank attracted $221.26 million
- Ecobank Nigeria ($152.75 million)
- Access Bank ($101.14 million)
- First Bank of Nigeria ($90.48 million)
- Union Bank of Nigeria ($88.96 million)
- FCMB with $72.22 million and
- Rand Merchant Bank ($70.4 million)