Three Banks Ac­count for 71% Cap­i­tal In­flows in Q2

THISDAY - - BUSINESS/ MONEYGUIDE -

Stan­bic IBTC, Citibank Nige­ria and Stan­dard Char­tered Bank ac­counted for 70.7 per cent or $1,267.8 mil­lion of the to­tal $1.792 bil­lion cap­i­tal im­por­ta­tion in the sec­ond quar­ter of 2017, a re­port by the Na­tional Bureau of Statistics (NBS) has shown.

The other 22 banks ac­counted for the re­main­ing 29 per cent.

The NBS re­vealed this in its Cap­i­tal Im­por­ta­tion Q2 2017 Re­port.

Ac­cord­ing to the re­port, port­fo­lio in­vest­ments was the key mover of cap­i­tal dur­ing the quar­ter, grow­ing by 145.7 per cent, fol­lowed by Other In­vest­ments, which rose by 95.02 per cent, and For­eign Di­rect In­vest­ment (FDI) by 29.8 per cent over the first quar­ter. In fig­ures, port­fo­lio in­vest­ment ac­counted for $770.5 mil­lion, or 43 per cent of the to­tal.

In sec­ond place was Other In­vest­ments with $747.5 mil­lion, or 41.7 per cent, anAd FDI with $274.4 or 15.3 per cent.

The re­port showed that Stan­bic IBTC, in the sec­ond quar­ter of this year, fa­cil­i­tated a stag­ger­ing $589.84 mil­lion cap­i­tal in­flow into the coun­try, rank­ing it first among fi­nan­cial in­sti­tu­tions that im­ported cap­i­tal into Nige­ria. Stan­bic IBTC ac­counted for 32.91 per cent ($589.84 mil­lion or N216.47 bil­lion) of the to­tal share dur­ing the pe­riod, rep­re­sent­ing an in­crease of 9.12 per cent over the $536.78 mil­lion it posted in the first quar­ter of the year. That brings to $1.127 bil­lion (N413.62 bil­lion) cap­i­tal im­por­ta­tion by Stan­bic IBTC in the first six months of the year. The NBS re­port showed that the bulk of cap­i­tal im­ported into Nige­ria in Q2 came from the United King­dom, which ac­counted for $696.7 mil­lion or 38.87 per­cent of the to­tal. The sec­ond largest value of cap­i­tal im­por­ta­tion came from the United States with $287.82 mil­lion or 16.06 per­cent.

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