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Nigeria’s Capital Importation Declines by 22.85% in Q2 2024

Nnaemeka OkwarabyNnaemeka Okwara
October 8, 2024
in Business & Finance
0
Nigeria’s Capital Importation Declines by 22.85% in Q2 2024
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The National Bureau of Statistics (NBS) has published its report on capital importation for the second quarter of 2024, showing a 22.85% drop in capital importation compared to the first quarter.

In Nigeria, capital importation fell from $3.37 billion in the first quarter of 2024 to $2.60 billion in the second quarter. However, this amount is a substantial 152.8% higher than the $1.03 billion imported in the second quarter of 2023.

Portfolio Investment was the largest category, with $1.40 billion, making up 53.93% of total capital importation. Other Investment followed with $1.169 billion, accounting for 44.92%. Foreign Direct Investment (FDI) was the smallest, contributing $29.83 million, or 1.15%.

The banking sector attracted the most capital, with $1.12 billion (43.15%), followed by the Production/Manufacturing sector ($624.71 million, 23.99%) and the Trading sector ($569.22 million, 21.86%).

Most of the capital came from the United Kingdom ($1,120.15 million, 43.01%), the Netherlands ($577.82 million, 22.19%), and South Africa ($255.98 million, 9.83%).

Tags: BusinessDeclinefederal characterImportationNewsNigeriaNigeria's Capital Importation Declines by 22.85% in Q2 2024Q2
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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