The country’s capital importation increased by 66.27 per cent to $1.08 billion in the fourth quarter of last year (Q4 2023) compared to $654.65 million in the preceding quarter, the National Bureau of Statistics (NBS) said Tuesday.

This was also slightly higher than $1.06 billion recorded in Q4 2022 by 2.62 per cent.

According to the Nigerian Capital Importation Report for the review period, Other Investment type accounted for 54.64 per cent or $594.74 million of total capital importation in Q4.

This was followed by Portfolio Investment with $309.76 million or 28.46 per cent of total share.

Foreign Direct Investment (FDI) amounted to $183.97 million or 

16.90 per cent.

According to the NBS, the  production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 pet cent of total capital imported in the review period.

This was followed by the banking sector, which represented $283.30 million 26.03 per cent and financing which contributed $135.59 million or 12.46 per cent.

Capital Importation during the reference period originated largely from the United Kingdom with $267.24 million, with a share of 24.55 per cent.

This was followed by Mauritius with $226.18 million or 20.78 pet cent and The Netherlands with $149.93 million or 13.77 per cent.

Lagos state remained the top destination for foreign inflows  with $771.68 million, accounting for 65.38 per cent of total capital importation.

It was followed by Abuja (FCT) with $370.80 million or 34.07 per cent and Rivers state with $6.00 million or 0.55 per cent