Economy
Nigeria’s Capital Importation Shrinks 9% in Q2
By Adedapo Adesanya
The total value of capital importation into Nigeria in the second quarter of 2023 fell further by 9.0 per cent to $1.03 billion from the $1.13 billion achieved in the preceding quarter.
Capital importation refers to the movement of money into Nigeria from other countries for the purpose of investment, trade, or business operations. They are divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment, and Other Investments, each comprising various sub-categories.
According to the National Bureau of Statistics (NBS) in its Capital Importation Q2 Data, the largest amount of capital importation by type was received through other investments, which accounted for 81.3 per cent to the tune of $837.34 million.
This was followed by Portfolio Investment with 10.3 per cent amounting to $106.85 million and FDIs amounted to 8.4 per cent or $86.03 million in the period under review.
Comparatively, other investments in the period under review jumped by 92.2 per cent compared to $435.76 million in Q1 while FDIs also increased by 80.7 per cent from $47.60 million. However, there was a drop in Portfolio Investment by 83.5 per cent from $649.28 million.
This could be attributed to the devaluation of the local currency that saw the exchange rate more than double in the quarter under review.
The report showed that the production sector recorded the highest inflow with $605.04 million, representing 58.7 per cent of total capital imported in the period. This was followed by the banking sector, valued at $194.58 million (18.9 per cent), and Shares with $68.63 million (6.7 per cent).
Giving a breakdown by countries of origin, it was revealed that capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.4 per cent followed by Singapore and the Republic of South Africa with $177.44 million (17.2 per cent) and $136.95 million (13.3 per cent) respectively.
According to the local destinations of the monies, Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.5 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.9 per cent) and Akwa Ibom $33.86 million (3.2 per cent).
First Bank Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million (18.23 per cent), followed by Citibank Nigeria Limited with $187.77 million (12.2 per cent) and Rand Merchant Bank with $126.03 (6.5 per cent).
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
