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Lagos tops list of four states with capital inflow to Nigeria

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Reports by the National Bureau of Statistics (NBS) indicate that Lagos State recorded the highest capital importation of $1.05 (68.66 percent) billion in the second quarter of 2022.

The total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent.

When compared to Q1 2022, capital importation decreased by 2.40 percent from $1.57 billion.

Only four states out of 36 states and the federal capital territory (FCT), received capital investments in Q2 2022.

These states are Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million), Kogi ($2 million), and Ekiti ($0.50 million).

Lagos state accounted for 68.66 percent of the total capital inflow in Q2 2022.

A close analysis shows that the largest amount of capital importation by type was received through portfolio investment, which accounted for 49.33 percent ($757.32 million).

This was followed by other investments with 41.09 percent ($630.87 million) and foreign direct investment (FDI) accounted for 9.58 percent ($147.16 million) of total capital imported in Q2 2022.

The highest sectors that received capital investment were banking ($646.36 million) amounting to 42.10 percent of total capital imported in the second quarter of 2022.

This was followed by production ($233.99 million), and the financing sector ($197.31 million), while telecoms ($153.50 million); shares ($152.41 million); and IT services ($0.05 million) sectors received the lowest capital investment.

By banks, Citi Bank Nigeria Limited emerged at the top of capital investment with $450.94 million followed by Standard Chartered Bank Nigeria Limited with $323.24 million and Stanbic IBTC Bank Plc with $163.92 million.

Meanwhile, Providus Bank Plc ($0.30 million); Sterling Bank Plc ($0.99 million); and Guaranty Trust Bank Plc ($1.60 million) were the least banks with capital inflows.

The top three highest capital importation by country into Nigeria were the United Kingdom ($781.05 million), which accounted for 50.87 percent of the total capital inflow in Q2 2022; Singapore ($138.58 million); and South Africa ($122.26 million).

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