In the second quarter of 2024, Nigeria's total capital importation reached US$2,604.50 million, reflecting a significant rise from US$1,030.21 million in the same quarter of 2023, which translates to an increase of 152.81%.

However, when compared to the previous quarter, there was a decrease of 22.85% from US$3,376.01 million recorded in the first quarter of 2024.

The Portfolio Investment took the lead, totaling US$1,404.70 million, which represents 53.93% of the total. Following closely is Other Investment, amounting to US$1,169.97 million, or 44.92% of the total.

In the second quarter of 2024, Foreign Direct Investment was notably low, amounting to just US$29.83 million, which represents 1.15% of the total capital inflows.

In the second quarter of 2024, the Banking sector experienced the largest capital inflow, totaling US$1,123.95 million, which accounts for 43.15% of all capital imported.

This was closely followed by the Production/Manufacturing sector, which attracted US$624.71 million, representing 23.99% of the total.

The Trading sector also made a significant contribution, receiving US$569.22 million, or 21.86%.

Source: NBS

In the second quarter of 2024, Lagos state emerged as the leading destination for capital importation, attracting US$1,367.84 million, which represents 52.52% of the overall capital brought in.

Following closely was Abuja (FCT) with US$1,236.64 million, making up 47.48%, while Ekiti state recorded a minimal US$0.0003 million.

In the second quarter of 2024, Citibank Nigeria Limited led in capital imports to Nigeria, bringing in US$818.46 million, accounting for 31.43% of the total.

Standard Chartered Bank Nigeria Limited followed closely with US$654.79 million, or 25.14%, while Rand Merchant Bank Plc contributed US$488.59 million, which represents 18.76%.

Source: NBS