Lagos State Completes Capital Investment of $1,119.44 Million in Q1 2022
Lagos State remained the top investment destination in Nigeria as it attracted $1,119.44 million in the first quarter (Q1) of 2022, accounting for 71.16% of total capital investment in the Nigeria.
On the other hand, the total value of capital imports into Nigeria in the first quarter of 2022 fell from $2,187.63 million in the previous quarter, a decrease of 28.09%, to $1,573.14 million. .
The data is contained in the report on capital imports released by the National Bureau of Statistics (NBS) over the weekend.
According to the BNS report, compared to the corresponding quarter of 2021, Nigeria’s capital imports decreased by 17.46% to $1,905.89 million.
Abuja, the Federal Capital Territory (FCT) followed Lagos State as investments worth $446.81 million or 40% were attracted during the reporting period.
The NBS report further showed that the largest amount of imported capital by type was received through portfolio investments, which accounted for 60.87% ($957.58 million).
“This was followed by other investments with 29.28% ($460.59 million) and foreign direct investment (FDI) accounted for 9.85% ($154.97 million) of the total capital imported in the first quarter of 2022,” the BES said.
Continuing, the BNS report indicates that “disaggregated by sectors, the import of capital in the banking sector recorded the highest inflow of 818.84 million dollars, or 52.05% of the total capital imported in the first quarter of 2022.
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“Then come imported capital in the production sector, valued at 223.67 million dollars (14.22%) and the financing sector with 199.37 million dollars (12.67%).
“Import of Capital by Country of Origin reveals that the United Kingdom ranked as the top source of capital imported into Nigeria in the first quarter of 2022 with a value of $1,021.21 million, or 64, 92%”.
Next come the Republic of South Africa and the United States of America, valued at $117.50 million or 7.47% and $82.07 million or 5.22% respectively.
The Bank’s categorization of total capital investment shows that Standard Chartered Bank Nigeria ranked first in the first quarter of 2022 with $543.20 million or 34.53%.
This is followed by Citi Bank Nigeria Limited with $439.03 million or 27.91% and Stanbic IBTC Bank Plc with $251.52 or 15.99%.