During the fourth quarter of 2023 (Q4 2023), Lagos State maintained its position as the leading recipient of capital influx into Nigeria.
This information comes from the latest report published by the Nigerian Bureau of Statistics (NBS) regarding capital importation into Nigeria during Q4 2023.
As per the NBS report, capital inflow into Lagos State totaled $771.68 million during the mentioned period, constituting 65.38% of the total capital influx into Nigeria, which amounted to $1,088.48 billion.
Additionally, the NBS report highlighted that Abuja secured the second position as a destination for capital inflow into Nigeria during Q4 2023, attracting $370.80 million, equivalent to 34.07% of the national capital importation.
Following behind, Rivers state received $6.00 million, accounting for 0.55% of the national capital influx during the same period.
The NBS also noted that total capital importation into Nigeria of $1.088 billion in Q4 2023 slightly surpassed the $1.060 billion recorded in Q4 2022, representing a 2.62% increase.
Compared to the previous quarter, capital importation increased by 66.27%, rising from $654.65 million in Q3 2023.
More insights
- In Q4 2023, the NBS report highlighted that Other Investment led in total capital importation, constituting 54.64% ($594.74 million), followed by Portfolio Investment at 28.46% ($309.76 million), and Foreign Direct Investment (FDI) at 16.90% ($183.97 million).
- The production/manufacturing sector attracted the highest capital inflow, reaching $450.11 million, accounting for 41.35% of total capital imported in Q4 2023. It was trailed by the banking sector with $283.30 million (26.03%), and financing with $135.59 million (12.46%).
- Capital Importation during this period predominantly originated from the United Kingdom, contributing $267.24 million, and holding a share of 24.55%. Following closely were Mauritius with $226.18 million (20.78%) and the Netherlands with $149.93 million (13.77%).
- Stanbic IBTC Bank Plc led in receiving capital importation into Nigeria in Q4 2023, securing $499.45 million (45.88%). This was trailed by Citibank Nigeria Limited with $229.06 million (21.04%) and Rand Merchant Bank Plc with $85.85 million (7.89%).
