Nigeria got $267.24 million, representing 24.55 percent and the highest capital inflow of the total of $1.09 billion in the last quarter of 2023 from the United Kingdom.
While StanbicIBTC bank was the choice of investors for the period, recording the highest capital of $499.45 million or 45.88 per cent, Lagos state, the commercial hub of the country was the preferred destination for the investors, receiving $771.68 million or 65.38 per cent of the total capital importation into the country.
Overall in the quarter, capital importation into the country stood at $1.09 billion, representing 2.62 per cent higher than the $1.06 billion of the corresponding period in 2022. It is also 66.3 per cent higher than the $654.65 million of the third quarter of the Year 2023.
A breakdown of the investment for which the capital was injected shows Other investment was the highest, accounting for $594.74 million or 54.64 per cent, trailed by Portfolio Investment with $309 million or 28.46 per cent and Foreign Direct Investment (FDI) with $183.97 million or 16. 9 per cent.
Manufacturing was the most attractive, getting the highest inflow of $450.11 million or 41.35 per cent in the fourth quarter, trailed by the banking sector which got $283.30 million and financing, getting $135.6 million or 12.46 per cent.
Citibank Nigeria Limited trailed StanbicIBTC with $229.06 million or 21.04 per cent and Rand Merchant Bank got $85.85 million or 7.8 per cent.
The second highest capital came from Mauritius with $226.18 million or 20.78 per cent and the Netherlands, $149.93 million or 13.77 per cent.
Nigeria’s capital, the Federal Capital Territory, Abuja was the second most attractive destination for investment in the quarter, notching up $370.80 million or 30.07 per cent and Rivers state, $6 million or 0.55 per cent.
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