Nigeriaâs economy experienced increased capital importation in the second quarter of 2024, a significant improvement in the same period in 2023.
The countryâs banking sector contributed significantly as total capital inflow hit $2.6 billion, representing a whopping 152.81% rise from the $1.03 billion recorded in Q2 of 2023.
According to data from the National Bureau of Statistics (NBS), the countryâs capital importation highlights the robust performance of the banking sector in attracting foreign capital during the period.
Capital importation is the inflow of foreign investments into a country, spanning funds and assets brought by foreign investors to support projects, establish businesses, or invest in various sectors.
The NBS data disclosed that portfolio investments accounted for the largest share, contributing about $1.4 billion, or 53.93%, in total inflows. Other investments followed, bringing in $1.17 billion, or 44.92%.
Foreign direct investment (FDI) was the most minor contributor, accounting for $29.83 million, or 1.15% of total capital imports in the period under review.
TimesNow.com.ng earlier reported foreign investors shunned 26 Nigerian states as Nigeriaâs capital imported hit $2.60 billion in the second quarter of 2024, representing a solid increase of 152.82% yearly relative to the $1.03 billion recorded in the same period in 2023.
The National Bureau of Statistics (NBS) disclosed this in its latest capital importation report for Q2 2024.
The report said that the number of Nigerian states without investments declined from 27 in the second quarter of 2023 to the same period this year.
Source: TimesNow.com.ng
