Three Banks Account for 71% Capital Inflows in Q2

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.