The National Bureau of Statistics (NBS) has reported a substantial year-on-year increase in capital importation for the third quarter of 2024. The total capital importation rose to $1.25 billion, marking a 91.35% increase compared to the $654.65 million recorded in the same period last year.
Despite this impressive annual growth, the report highlights a sharp decline from the previous quarter. "Capital importation dropped by 51.90% from $2.60 billion in Q2 2024," stated the NBS report, showing the volatility in foreign investment inflows.
The composition of these inflows reveals a dominance of portfolio investments, which accounted for $899.31 million or 71.79% of the total capital. This trend reflects continued investor interest in Nigerian equities and bonds, despite broader economic challenges.
Lagos emerged as the top destination for these capital inflows, receiving $650.41 million, representing 51.92% of the total. The Federal Capital Territory (FCT), including Abuja, followed closely with $600.02 million, highlighting the concentration of investment in Nigeria's key economic hubs.
Sector-wise, the banking sector led the charge, attracting $579.48 million, or 46.26% of the total capital importation. The financing sector came second, securing $294.55 million, while the production/manufacturing sector received $189.22 million.
The United Kingdom was the predominant source of foreign capital, contributing $502.60 million, or 40.12% of the total inflows. South Africa and the United States followed, with contributions of $185.03 million and $163.86 million, respectively.
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