The Nigerian Capital Importation report of the Nigerian Bureau of Statistics has reported that Stanbic IBTC Bank PLC attracted $1,630.91 million out of the $5,367.56 million total value of capital imported into the country in Q3 2019.
The figure, which equates to 30.38 percent of the total capital inflow during the same period, makes the subsidiary of Stanbic IBTC Holdings PLC as the financial institution that attracted the highest amount of capital investment in the third quarter of 2019.
Commenting on the report, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC, stated that the report identifying the bank as facilitating the highest amount of capital inflows reflects the immense contribution of the financial institution to the Nigerian economy.
He promised that Stanbic IBTC Bank PLC would continue to take the lead in the facilitation of business transactions that would inject foreign capital into the country.
A breakdown showed that the largest amount of capital importation by type was through portfolio investments which amounted to $2,999.5 million (55.88%); while Other Investment accounted for $2,167.98 million of total capital. Foreign Direct Investment made up $200.08 million of total capital imported in Q3 2019.
The Nigerian Bureau of Statistics (NBS) Capital Importation Q3 2019 Report outlines Nigeria’s economic outlook, showing the total value of capital inflow into Nigeria. While Lagos State emerged as the top destination of capital investment in Nigeria in Q3 2019 with $4,976.40 million, the United Kingdom was the biggest source of capital investment in Nigeria during the third quarter. The value of capital inflow into Nigeria was $2,011.14, representing 37.47% of the total capital inflow.