Success Nwogu and Abdulwahab Isa, 
…loses $83bn to crude export
Amid the shaky investment atmosphere, Nigeria maintained its good stead with capital importation as the lenders attracted $2.60 billion into the economy in the second quarter of the year.
According to a report released yesterday by the National Bureau of Statistics (NBS), Foreign Direct Investments into the country for the period, however, declined by 22 per cent.
According to NBS, in terms of sector ranking, the banking sector recorded the highest inflow with $1.1billion, representing 43.15 per cent of total capital imported in the period.
This was followed by the production/manufacturing sector at $624.71 million (23.99%) and the trading sector at $569.22 million (21.86%).
The report said: “Capital importation during the reference period originated largely from the United Kingdom with $1,120.15 million, show ing 43.01 per cent of the total capital imported.
“This was followed by The Netherlands with $577.82 million (22.19%) and the Republic of South Africa with $255.98 million (9.83%). “In terms of states, Lagos ranked top in destination with $1,367.84 million, accounting for 52.52 per cent of the total capital imported, followed by Abuja (FCT) $1,236.64 million (47.48%), and Ekiti state with $0.0003 million.
“Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2’24 with $818.46 million (31.43%), followed by Standard Chartered Bank Nigeria Limited with $654.79 million (25.14%) and Rand Merchant Bank Plc with $488.59 million (18.76%).”
The report pointed out that the FDI inflow declined by 22 per cent in the quarter by 22.85 per cent from $3.37 billion in the first quarter of the year to $2.60 billion. The report put total capital importation into Nigeria at $2.6 million higher than $1.03 billion recorded in Q2’23, indicating an increase of 152.81 per cent.
In terms of capital imports by type, Portfolio Investment led with $1.40 billion, representing 53.93 per cent of total capital importation, followed by Other Investment at $1.169 billion, making up 44.92 per cent.
In terms of investment inflow categories, Portfolio Investment ranked top with $1.4 billion accounting for 53.93 per cent, followed by Other In vestment with $1.1 billion, accounting for 44.92 per cent.
Foreign Direct Investment recorded the least with $29.83 billion (1.15%) of total capital importation in Q2’24. Meanwhile, Chairman, Board of Trustees, Crude Oil Refinery Owners Association of Nigeria (CORAN), Captain Emmanuel Iheanacho, has said that Nigeria loses about $83 billions annually to crude oil exports.
