Fresh facts have emerged that Citibank Nigeria ranked top among banks in terms of the total capital imported into the country in the fourth quarter (Q4) of 2022.
In its latest capital importation data released last week, the National Bureau of Statistics (NBS) stated under categorisation of capital importation by banks that Citibank Nigeria Limited ranked top in Q4 2022 with $308.72 million (29.10 percent). This was followed by Standard Chartered Bank Nigeria Limited with $232.45 million (21.91 percent) and Rand Merchant Bank with $102.00 (9.62 percent).
However, on an annual basis, capital importation was $5,328.88 million in 2022, a decrease of 20.47 percent from $6,700.51 million in 2021.
Other banks are: Ecobank ($100.17 million); Stanbic IBTC ($86.08 million); First Bank of Nigeria ($69.36 million); Zenith Bank ($47.62 million); Fidelity Bank ($31.47 million) and on the ninth position was occupied by FCMB with $25.38 million worth of capital importation into Nigeria.
Further breakdown are as follows: Union Bank ($17.30 million); Access Bank ($11.44 million; UBA ($8.46 million); GTBank ($7.56 million); Sterling Bank ($5.45 million); NOVA Merchant Bank ($4 million); Titan Trust Bank ($1.63 million); Wema Bank ($1.61 million and Jaiz Bank ($0.01 million).
Other banks that did not record capital importation in the quarter under review include: FSDH, Unity Bank, Keystone Bank and Providus Bank.
Meanwhile, the NBS noted that in Q4 2022, total capital importation into Nigeria stood at $1.060 trillion, lower than the $2.187 trillion recorded in Q4 2021, indicating a decrease of 51.51 percent.
“When compared to the preceding quarter, capital importation also fell by 8.53 percent from $1.159 trillion in Q3 2022.
“The largest capital importation during the period was received from other investment, which accounted for 65.17 percent ($691.23 million) of total capital imported in Q4 2022,” the statistics office noted.
This was followed by portfolio investment with 26.89 percent ($285.26 million) and Foreign Direct Investment (FDI) with 7.94 percent ($84.23 million). Disaggregated by sectors, capital importation into the production sector recorded the highest inflow of $392.54 million, representing 37.01 percent of total capital imported in Q4 2022.
This was followed by capital imported into the banking sector, representing 24.08 percent, and telecoms with $168.27 million (15.86 percent).
By destination of investment, Lagos State remained the top destination in Q4 2022 with $600.54 million, accounting for 56.62 percent of total capital investment in Nigeria.
This was followed by Abuja (FCT), valued at $424.50 million (40.02 percent).
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