- Nigerian foreign investment has plummeted in the first three months of 2021 as the country continues to be plagued by insecurity.
- Compared to the previous quarter, the BNS says nearly 1.6 billion naira of investment was squeezed out of the economy
- It also found that 31 states had no investment records, with the majority of those states having security concerns.
The total value of foreign investment or capital imports into Nigeria fell 28.1% quarter-on-quarter to $1.6 billion in the first quarter (Q1) of 2022.
The National Bureau of Statistics (NBS) revealed this in its report on capital imports, published on Thursday.
When the data is analyzed on an annual basis, capital imports fell by 17.5% from the $1.9 billion recorded in the first quarter of 2021.
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The report stated:
“The largest amount of imported capital by type was received through portfolio investment, which accounted for 60.9% ($957.6 million). Next come other investments with 29.3% ($460.6 million) and foreign direct investment accounted for 9.9% ($154.9 million) of total imported capital in the first quarter of 2022.”
Vanguard reports that the report also pointed out that in terms of sectors, the import of capital in the banking sector recorded the highest inflow of $818.8 million, or 52.1% of the total capital imported. in the first quarter of 2022.
Next come imported capital in the production sector, valued at 223.7 million dollars (14.2%) and the financing sector with 199.37 million dollars (12.7%).
In terms of country of origin, the UK ranked as the top source of capital imported into Nigeria in the first quarter of 2022 with a value of $1,021.2 million or 64.9%.
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Next come the Republic of South Africa and the United States of America, valued at $117.5 million (7.5%) and $82.1 million (5.2%) respectively.
Only six states with investments in the first quarter of 2022
NBS also revealed that only six states announced investments in the first quarter:
- Abuja – $446.81 million
- Akwa Ibom – $4.15 million
- Katsina – $0.70 million
- Lagos – $1.20 billion
- Oyo – $2 million
- Platter – $0.04 million
Zenith and Gtbank Top List of Nigeria’s Most Valuable Banks
Meanwhile, Legit.ng in an earlier report revealed that Zenith Bank started 2022 as Nigeria’s most valuable commercial bank, with the total value of Nigerian banks closing at N194.5 billion.
The second most valuable bank is Guaranty Trust Bank, followed by Stanbic IBTC Holdings to complete the top three most valuable banks.
Additionally, the aggregate market capitalization of all the banks under review increased by N46.6 trillion to N3.84 trillion.