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Nigeria’s capital importation rose by 210% in Q1 2024 – NBS 

The National Bureau of Statistics has disclosed that the nation’s capital importation rose by 210% within the first quarter of 2024.

The report, which was launched on Monday, famous that the full importation into the nation stood at $3,376.01 million, larger than $1,132.65m recorded in Q1 2023 thereby indicating a rise of 198.06%.

When in comparison with This fall final 12 months, the nationwide importation worth rose by 210.16% from $1,088.48m.

This, the bureau mentioned, owes to the excessive Portfolio Investment valued at “$2,075.59m, accounting for 61.48%; followed by Other Investment with $1,181.25m, accounting for 34.99%. Foreign Direct Investment recorded the least with $119.18m (3.53%) of total capital importation in Q1 2024.”

The NBS assertion partly learn, “The banking sector recorded the best influx with $2,067.44m, representing 61.24% of complete capital imported in Q1 2024, adopted by the Trading sector, valued at $494.93M (14.66%), and Production/Manufacturing sector with $191.92M (5.68%).

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“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38m (37.24%), followed by Citibank Nigeria Limited with $547.71m (16.22%) and Rand Merchant Bank Plc with $528.73 (15.66%).”

Also, the report famous that “out of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $2,782.41m, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with $593.58m (17.58%), and Ekiti State with $0.01m.”

– Top importation sources –

Nigeria’s capital importation in the course of the reference interval originated largely from the United Kingdom with $1,805.83m, exhibiting 53.49% of the full capital imported.

This was adopted by Republic of South Africa with $582.34m (17.25%) and the Cayman Islands with $186.21m (5.52%).

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