Stanbic IBTC Tops List as Nigeria Records $3.38 Billion Capital Importation in Q1 2024

Stanbic IBTC Bank has emerged as a major driver of Nigeria’s impressive capital importation growth in the first quarter of 2024.

According to the National Bureau of Statistics (NBS), Nigeria attracted $3.38 billion in foreign investment, a 210% increase compared to the previous quarter up from the $1.09 billion recorded in Q4 2023.

Stanbic IBTC played a pivotal role in this positive trend, attracting the highest amount of capital among all banks. The bank successfully brought in $1.25 billion, representing a significant 37.24% of the total capital imported by the banking sector.

This impressive figure translates to nearly two-fifths of all foreign investment flowing into Nigerian banks during the first three months of 2024.

Furthermore, in Q4 2023, Stanbic IBTC facilitated a US$499.45 million inflow into the country representing 45.88 per cent of US$1.09 billion capital importation into Nigeria during the period.

The bank’s ability to secure such a large share of the capital inflow signifies its credibility and attractiveness as a partner for international businesses.

During the period under review, Citibank Nigeria Limited got $547.71 million (16.22 percent) while Rand Merchant Bank Plc received $528.73 (15.66 percent).

On a year-on-year basis, the NBS data shows that foreign investment into the country grew by 198.06 percent compared to $1.13 billion in Q1 2023.

“In Q1 2024, total capital importation into Nigeria stood at US$3,376.01 million, higher than US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%,” NBS said.

“In comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023.”

The bureau said foreign portfolio investments (FPI) ranked top with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.

Foreign direct investment (FDI) recorded the least, with $119.18 million (3.53 percent) of total capital importation in Q1 2024.

The sector that received the highest capital investment was banking, followed by trading and production/manufacturing sector.

“The banking sector recorded the highest inflow with $2.07 billion, representing 61.24 percent of total capital imported in Q1 2024,” the NBS said.

The trading sector recorded $494.93 million (14.66 percent), while production and manufacturing sector received $191.92 million (5.68 percent).

“Capital importation during the reference period originated largely from the United Kingdom with US$1,805.83 million, showing 53.49% of the total capital imported,” the bureau said.

“This was followed by Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).”

According to NBS, only Lagos, Abuja and Ekiti states attracted capital importation.

Lagos State remained the top destination with $2.78 billion, accounting for 82.42 percent of the total imported capital, Abuja (FCT) followed with $593.58 million (17.58 percent), and Ekiti State with $12,750 million.