National Bureau of Statistics in a statement released on Tuesday reported that Nigeria’s capital importation reached $2.60 billion in the second quarter of 2024, marking a year-on-year increase of 152.81 percent compared to $1.03 billion in Q2 2023.
The figure marks a decline of 22.85 percent from the $3.38bn recorded in the first quarter of 2024, despite this substantial annual growth.
The report read, “In Q2 2024, total capital importation into Nigeria stood at US$2,604.50 million, higher than US$1,030.21 million recorded in Q2 2023, indicating an increase of 152.81%. In comparison to the preceding quarter, capital importation declined by 22.85% from US$3,376.01 million in Q1 2024.”
Portfolio investments emerged as the primary driver of the capital inflows, contributing $1.40bn, or 53.93 percent of the total.
These investments often involve foreign investors injecting capital into Nigeria’s stocks, bonds, and other financial instruments, aiming for quick returns.
