Nigeria’s capital importation dropped to $2.6 billion in the second quarter of this year.
The National Bureau of Statistics (NBS) disclosed this in its capital Importation report for the second quarter of the year released on Tuesday in Abuja.
It added that the figure was $770 million lower than the $3.37 billion recorded in the first quarter of the year.
However, when compared to the same period of last year, Nigeria’s capital importation rose by 152.8% from $1.03 billion to the current $2.60 billion.
According to the report, the banking sector recorded the highest capital inflow in Q2 2024, with $1.12 billion, accounting for 43.15% of total capital importation.
This is consistent with trends in previous quarters.
The banking sector was followed by the production/manufacturing sector at $624.71 million (23.99%) and the trading sector at $569.22 million (21.86%).
In terms of country of origin for capital information, the majority of capital importation came from the United Kingdom, contributing $1,120.15 million (43.01%), followed by the Netherlands with $577.82 million (22.19%) and the Republic of South Africa with $255.98 million (9.83%).
Out of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with $1.36 million, accounting for 52.52% of the total capital imported.
The Federal Capital Territory (FCT) followed with $1.23 million (47.48%), and Ekiti state with $0.0003 million.
By: Babajide Okeowo
The post Nigeria’s capital importation dropped by $770m in Q2/24 – NBS appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.