Capital importation to the Nigerian economy stood at $1,132.65 million in the first quarter (Q1) of 2023, based on the recent information published by the National Bureau of Statistics (NBS).
According to the NBS, the total capital importation into foreign direct investment is $47.60 million in which Equity got $47.59m while $0.01 million was invested in other capital under foreign direct investment. On a quarter-by-quarter basis, foreign direct investment reduced by 43.48%. It also decreased by 69.28% when compared with the Q1 2022
Portfolio investment generally attracted the sum of $649.28 million. Under portfolio investment, equity got $222.31 million, Bonds attracted the sum of $301.08 million and money market instruments got $125.90 million. Quarter on Quarter analysis showed that there was an increase of 127.61%, while there was a reduction of 32.20% on year-on-year analysis.
The third investment regarded as other investments attracted the total sum of $435.76 million. However, the majority of the funds for other investments went into loans, $433.87 million. On a year-on-year analysis, there was an increase of 0.76% while on a quarter-by-quarter basis, it reduced by 34.82%.
For sectors, our analysis showed that capital importation into the banking sector recorded the highest inflow of $304.56 million (26.89%) in Q1 2023. This was followed by capital imported into the production sector, valued at $256.12 million (22.61%), and IT Services with $216.06 million (19.08%).
Also, by the destinations of investment, Lagos State remained the top destination in Q1 2023 with $704.87 million, followed by Abuja (FCT), $410.27 million. Ekiti State recorded the lowest with $0.01m.
Below is the summary of the states and sectors that received the highest and lowest investments for Q1 from 2021 to 2023.
