Mkpoikana Udoma
Port Harcourt — Nigeria’s capital importation soared to an impressive $2.6 billion in Q2 2024, marking a significant 152.81% increase from $1.03 billion in the same quarter last year.
According to the National Bureau of Statistics, NBS, the surge reflects a robust recovery in the investment climate, although it represents a decline of 22.85% from $3.37 billion in Q1 2024.
Among the sectors benefiting from the influx, the oil and gas industry secured $5 million in investments, as portfolio investments dominated the landscape, contributing $1.40 billion (53.93%), while other investments totaled $1.16 billion (44.92%).
Foreign direct investment remained minimal at just $29.83 million (1.15%)
The banking sector emerged as the top recipient, attracting U$1.1 billion (43.15%), followed by production and manufacturing at $624.71 million (23.99%), and trading at $569.22 million (21.86%).
Geographically, the United Kingdom was the largest source of investment, contributing $1.120 billion (43.01%), followed by the Netherlands with $577.82 million (22.19%) and South Africa at $255.98 million (9.83%).
Lagos State remained the prime destination for these investments, drawing in $1.36 billion (52.52%), while Abuja followed with $1.23 billion (47.48%), and Ekiti state with $0.0003 million.
Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with $818.46 million (31.43%), followed by Standard Chartered Bank Nigeria Limited with $654.79 million (25.14%) and Rand Merchant Bank Plc with $488.59 (18.76%).
This article was originally posted at sweetcrudereports.com
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