We recently published a report on Nigeria’s Capital Importation for the first quarter of 2023. The report shows the current trajectory of foreign investment inflows into the country and our outlook for capital importation in the remaining quarters of the year.

DATA ON CAPITAL IMPORTATION

Recently, the National Bureau of Statistics released the Capital Importation data for Q1:2023. Total Capital imported into the economy decreased by 28.00% year-on-year (YoY) to USD1.13bn (vs USD1.57bn in Q1:2022). We credit the decline to the plunge in Portfolio Investment (-32.20% YoY to USD649.28mn) and Foreign Direct Investment (-69.28% YoY to USD47.60mn). However, on a quarter-on-quarter (QoQ) basis, it increased by 6.78%. This follows a significant jump in foreign flows from portfolio investment (+127.61% QoQ to USD649.28mn) compared to USD285.26mn in Q4:2022.

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