Nigeria’s capital importation rose by 210 per cent to $3,376.01 million in the first quarter of the ongoing year 2024.
This was contained in the National Bureau of Statistics (NBS) latest Nigeria’s Capital Importation data for Q1 2024 was released on Monday.
The report said the nation’s capital importation rose to $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, thereby indicating an increase of 198.06 per cent and 210 per cent increase from $1,088.48 million recorded in Q4 2023.
It also attributed the increase to high Portfolio Investment valued at “$2,075.59 million, accounting for 61.48 per cent; followed by Other Investment with $1,181.25 million, accounting for 34.99 per cent”.
“Foreign Direct Investment recorded the least with $119.18 million (3.53 per cent) of total capital importation in Q1 2024.
“Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24 per cent), followed by Citibank Nigeria Limited with $547.71 million (16.22 per cent) and Rand Merchant Bank Plc with $528.73 million (15.66 per cent).”
In its latest Rail Transportation data released on Monday, NBS disclosed that revenue from rail rose by 84.91 percent to ₦1.42 billion in Q1 2024.
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