Manufacturing sector leads FDIs with $1.088.48 bn in Q4,2023
By Patience Ikpeme
With $540 million capital inflow recorded in the fourth quarter of 2023, manufacturing/production sector outperform other sectors in terms of total capital importation into Nigeria.
They were able to attract $1.088.48 billion in the fourth quarter 2023.
This is contained in the National Bureau of Statistics ( NBS) capital importation data released over the weekend showed.
The $1.088.48 billion figure is slightly higher than $1.060.73 billion recorded in Q4 2022, indicating an increase of 2.62%. In comparison to the preceding quarter, capital imports rose by 66.27% from $654.65 million in Q3 2023.
Other Investments ranked high accounting for 54.64% ($594.74 million) of total capital importation in Q4 2023, followed by Portfolio Investment with 28.46% (US$309.76 million) and Foreign Direct Investment (FDI) with 16.90% (US$183.97 million).
In breaking down FDIs sector by sector, the NBS ranked production/manufacturing sector highest inflow with $450.11 million, representing 41.35% of total capital imported in Q4 2023, followed by the banking sector, valued at $283.30 million (26.03%), and financing with $135.59 million (12.46%).
In terms of capital importation of origin under the period, United Kingdom recorded the highest $267.24 million with 24.55% share. This was followed by Mauritius with US$226.18 million (20.78%) and the Netherlands with $149.93 million (13.77%).
However, Lagos state remains preference state of most investors. It came top in destination list in Q4 2023 with$771.68 million, accounting for 65.38% of total capital importation, followed by Abuja (FCT) with $370.80 million (34.07%) and Rivers state with $6.00 million (0.55%).
In terms of banks with highest capital importation, Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q4 2023 with$499.45 million (45.88%), followed by Citibank Nigeria Limited with $229.06 million (21.04%) and Rand Merchant Bank Plc with $85.85 (7.89%).
