FDIs infow decline by 22% in Q2,2024- NBS
By Patience Ikpeme
Foreign Direct Investments (DFIs) inflow into the country declined by 22 percent in second quarter of 2024 by 22.85% from $3.37 billion in the first quarter of the year to $2.60 billion.
This is contained in the National Bureau of Statistics (NBS) capital importation second quarter 2024 report released Tuesday.
The report put total capital importation or Foreign Direct Investment into Nigeria at $2.6 billion higher than $1.03 billion recorded in Q2 2023, indicating an increase of 152.81%.
In terms of capital imports by type, Portfolio Investment led with $1.40 billion, representing 53.93% of total capital importation, followed by Other Investment at $1.169 billion, making up 44.92%.
In terms of investment inflow categories, Portfolio Investment ranked top with $1.4 billion accounting for 53.93%, followed by Other In vestment with $1.1 billion accounting for 44.92%. Foreign Direct Investment recorded the least with $29.83 billion (1.15%) of total capital importation in Q2 2024.
In terms of sector ranking,the banking sector recorded the highest inflow with$1.1billion , representing 43.15% of total capital imported in Q2 2024, followed by the production/manufacturing sector at $624.71 million (23.99%) and the trading sector at US$569.22 million (21.86%).
Capital Importation during the reference period originated largely from the United Kingdom with $1,120.15 million, showing 43.01% of the total capital imported. This was followed by the Nether lands with $577.82 million (22.19%) and the Republic of South Africa with $255.98 million (9.83%).
In terms of states, Lagos state ranked top in destination with $1,367.84 million, accounting for 52.52% of the total capital imported, followed by Abuja (FCT) $1,236.64 million (47.48%), and Ekiti state with US$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 US$654.79 mil lion (25.14%) and Rand Merchant Bank Plc with $488.59 (18.76%).
