Capital importation grew by 6.78 per cent in the first quarter (Q1) of the year, according to the National Bureau of Statistics (NBS).
The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.
Quarterly, foreign investment into the country increased by 6.78 per cent but dropped by 28 per cent yearly.
“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 per cent.
“When compared to the preceding quarter, capital importation rose by 6.78 per cent from $1.06 billion in Q4 2022,” the NBS said.
Only eight of the 36 states and the Federal Capital Territory (FCT) received capital investments in Q1 2023.
Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).
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Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).
Further analysis showed that the highest capital importation was received through portfolio investment, which accounted for 57.32 per cent ($649.28 million).
Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.
The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).
By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 per cent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 per cent) and Stanbic IBTC Bank had $151.85 (13.41 per cent).
President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.
In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.