Nigeria's Capital Witnesses A 43.55% Decline In Q3 2023, Says Nbs

The National Bureau of Statistics (NBS) has released its latest report on Friday, December 29, revealing a significant 43.55% decrease in Nigeria's capital importation to $654.65 million in the third quarter of 2023 (Q3 2023). This decline contrasts with the $1,159.67 billion recorded in the same period of the previous year, as indicated in the report titled "Nigeria Capital Importation Q3 2023."

According to the NBS, the total capital importation figure for Q3 2023 stands at $654.65 million, reflecting a notable drop compared to the $1,030.21 billion recorded in the preceding quarter (Q2 2023), marking a decrease of 36.45%.

Breaking down the composition of capital importation, the NBS highlighted that Other Investments accounted for the majority at 77.56%, equivalent to $507.77 million in Q3 2023. Portfolio Investment constituted 13.31% at $87.11 million, while Foreign Direct Investment (FDI) made up 9.13% with $59.77 million.

Sector-wise, the production/manufacturing sector attracted the highest inflow, receiving $279.51 million, representing 42.70% of the total capital imported in Q3 2023. The financing sector followed with $127.93 million (19.54%), and shares accounted for $85.49 million (13.06%).

The NBS data revealed that the Netherlands was the primary source of capital importation during the reference period, contributing $175.62 million and holding a 26.83% share. Singapore followed with $79.15 million (12.09%), and the United States came in third with $67.04 million (10.24%).

Geographically, Lagos State retained its position as the top destination for capital importation in Q3 2023, attracting $308.83 million, which accounts for 47.18% of the total capital imported. Abuja (FCT) and Abia State followed with $194.66 million (29.73%) and $150.09 million (22.93%), respectively.

The report also highlighted the financial institutions that received the highest capital importation, with Stanbic IBTC Bank Plc leading at $222.84 million (34.04%), followed by Citibank Nigeria Limited with $190.03 million (29.03%), and Zenith Bank Plc with $83.04 million (12.68%).