Foreign capital importation into Nigeria experienced a substantial year-on-year increase of 152.8 percent, rising to $2.6 billion in the second quarter of 2024, compared to $1.03 billion recorded in the same period of 2023.
This data was disclosed by the National Bureau of Statistics (NBS) in its Q2 2024 Capital Importation Report released yesterday.
However, the report highlighted a 22.85 percent quarter-on-quarter decline, as capital importation fell from $3.37 billion in Q1 2024.
The NBS noted that the banking sector attracted the highest capital inflows in Q2 2024, amounting to $1.12 billion, which represents 43.15 percent of total capital imported. Portfolio investment topped the chart at $1.4 billion, accounting for 53.9 percent of the total capital importation, followed by other investments valued at $1.17 billion, which made up 44.9 percent.
Foreign Direct Investment (FDI) registered the lowest share, with a meager $29.83 million (1.15 percent) of the total capital imported during the period under review.
The report also indicated that the Production/Manufacturing and Trading sectors garnered $624.71 million and $569.22 million, representing 23.9 percent and 21.86 percent of total capital inflows, respectively.
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