Foreign capital importation into Nigeria surged by a significant 152.8 percent year-on-year (YoY) to $2.6 billion in the second quarter of 2024 (Q2’24), according to the National Bureau of Statistics (NBS). This represents a substantial increase from the $1.03 billion recorded in the same period of 2023 (Q2’23).
However, on a quarter-on-quarter (QoQ) basis, capital importation fell by 22.85 percent from $3.37 billion in Q1’24. The NBS disclosed these figures in its Capital Importation Report for Q2’24.
The report further revealed that the banking sector received the highest inflows of $1.12 billion during the review period.
Portfolio Investment ranked top with $1.4 billion, accounting for 53.9 percent of total capital importation. Other Investment followed with $1.17 billion, accounting for 44.9 percent. Foreign Direct Investment recorded the least with $29.83 million (1.15 percent).
In terms of sector-wise inflows, the Banking sector recorded the highest with $1.12 billion, representing 43.15 percent of total capital imported in Q2’24. The Production/Manufacturing sector followed with $624.71 million (23.9 percent), and the Trading sector with $569.22 million (21.86 percent).
