Capital importation grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS).

The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

On a quarter-to-quarter basis, foreign investment into the country increased by 6.78 percent but dropped by 28 percent on a year-to-year basis.

“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 percent,” the NBS said.

“When compared to the preceding quarter, capital importation rose by 6.78 percent from $1.06 billion in Q4 2022.”

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Further analysis indicates that the highest capital importation was received through portfolio investment, which accounted for 57.32 percent ($649.28 million).

Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 percent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 percent) and Stanbic IBTC Bank had $151.85 (13.41 percent).

President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.

In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.

SOURCE:https://brandspurng.com/2023/07/11/nigerias-q1-2023-capital-importation-drops-to-1-13bn-nbs/

Toh

If our importation have been reduced, does that mean we have improved with our local production?

Is that picture of containers appropriate for a news about capital import? Thought capital import was about investment inflow and not merchandize. Wetin I know self?

CodeTemplar:
Olodo agent of BMC.

Emeritus, clear us out

helinues:


Emeritus, clear us out

how much of your N30k will you give me?

DatNiggaDaz:
Dis man, I think say you go school

Na school of hard knocks him go. Experience is his vest teacher that's why I'm dey do contextual exploration of phrases to get their meaning.

CodeTemplar:
how much of your N30k will you give me?

Then don't derail this thread.

Read rule 1 properly

helinues:
Toh

If our importation have been reduced, does that mean we have improved with our local production?

So you are itti true true. Chai.

They are talking of capital importation (FDI) not goods importation

helinues:
Toh

If our importation have been reduced, does that mean we have improved with our local production?

Dis man, I think say you go school Well for dis matter so, person no need to go school to know say production no dey happen. Where the money to take buy light. Even sef where is the light.

Bro, even if all things dey equal, if importation fall , na because no raw material even for dat production level wey you dey think. Nothing like improve for location production LOL

You funny die abi na the spirit of Gazelle gaganraja own you

The point here be say, there is no money to import. Wey the Dollar, you fit buy am.

a4cube:
So you are itti true true. Chai.

Na question I asked.. No need of forming Sabi in what I don't know

Ain't going to edit it even if it shows my ignorant about the topic. Na somehow person dey learn

So kini big deal

helinues:


Na question I asked.. No need of forming Sabi in what I don't know

Ain't going to edit it even if it shows my ignorant about the topic. Na somehow person dey learn

So kini big deal

You no sabi anything before now.

I want to pay for your evening class. Are you ready to learn?

a4cube:
You no sabi anything before now.

Toh

Me sha know say I don learn something new today.. You can't Sabi everything

CodeTemplar:
how much of your N30k will you give me?

Na school of hard knocks him go. Experience is his vest teacher that's why I'm dey do contextual exploration of phrases to get their meaning.

Chai

helinues:
Toh

If our importation have been reduced, does that mean we have improved with our local production?

who told u na import tax and duty caused am

Dc14:
who told u na import tax and duty caused am

You dey mind me. Na evening school I go oo

helinues:

You dey mind me. Na evening school I go oo

lol the way things b now ehn