Foreign capital investments in Nigeria surge by 66% in Q4 2023
Foreign capital investments in Nigeria experienced a growth of 66.27% in the fourth quarter of 2023, reaching a total of $1,060.73 million.
This significant increase was revealed in the latest data from the National Bureau of Statistics, Nigeria, Capital Importation Q4 2023.
The report highlights a positive trend, as Nigeria's overall capital importation rose by 2.62% compared to the same quarter in 2022. The top contributors to this surge were other investments, accounting for 54.64% ($594.74 million) of the total capital imported, followed by portfolio investment with 28.46% ($309.76 million), and Foreign Direct Investment (FDI) with 16.90% ($183.97 million).
Breaking down the sectors, the production and manufacturing sector emerged as the leader, attracting $450.11 million, representing 41.35% of the total capital imported in Q4 2023. The banking sector followed with $283.30 million (26.03%), and financing with $135.59 million (12.46%).
The United Kingdom played a pivotal role in contributing to this positive trend, being the largest source of capital importation with $267.24 million and a 24.55% share. Mauritius followed closely with $226.18 million (20.78%), and the Netherlands with $149.93 million (13.77%).
Lagos State stood out as the prime destination, receiving $771.68 million, which accounted for a substantial 65.38% of the total capital importation in Q4 2023. Abuja (FCT) followed with $370.80 million (34.07%), and Rivers State with $6.00 million (0.55%).
In terms of banking institutions, Stanbic IBTC Bank Plc led the way by receiving the highest capital importation into Nigeria in Q4 2023, totaling $499.45 million (45.88%). Citibank Nigeria Limited followed with $229.06 million (21.04%), and Rand Merchant Bank Plc secured $85.85 million (7.89%).
