Nigeria Records $2.60 billion in Capital Imports for Q2 -NBS

Nigeria Records $2.60 billion in Capital Imports for Q2 -NBS
National Bureau of Statistics

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 decline in quarterly figures highlights the ongoing fluctuations in investor sentiment, influenced by global economic uncertainties and domestic challenges.

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.

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