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Home Business Nigeria’s Capital Importation Rises By 6.78 Per Cent To $1.13bn In Q1...

Nigeria’s Capital Importation Rises By 6.78 Per Cent To $1.13bn In Q1 2023

Capital importation into Nigeria rose by 6.78 per cent to $1.13 billion in the first quarter of 2023, the National Bureau of Statistics reports on Monday.

The capital moved upward in Q1 2023 to $1.13 billion from 1.06 billion recorded in Q4 2022.

However, a yearly analysis of the figure showed that it dropped by 28 per cent.

Indication revealed that 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, the NBS said.

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

With a $704.87 million capital importation, Lagos led as a top destination for foreign investment, followed by FCT ($410.27 million), Akwa Ibom ($ 5.121 million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Investigation revealed that Capital Importation consists of Foreign Direct Investment, Portfolio investment and other investments.

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