- Business Insider Africa presents the top 10 banks with the largest contribution to Nigeria’s capital importation.
- This list is courtesy of the National Bureau of statistics.
- Citibank had the highest capital importation figures in Q2.
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Nigeria experienced a substantial rise in capital importation during Q2 2024, marking a significant improvement compared to the same period in 2023. The total capital importation inflow reached US$2.6 billion, representing a 152.81% increase from the US$1.03 billion reported in Q2 2023. Of the sectors that contributed to this growth, banking stood out.
The National Bureau of Statistics (NBS) released a Capital Importation report highlighting the strong performance of the banking sector in attracting foreign capital during this period.
Capital importation refers to the inflow of foreign investments into a country, encompassing funds and assets brought by foreign investors to support projects, establish businesses, or invest in various sectors.
According to the bureau, Portfolio Investment accounted for the largest share, contributing US$1.4 billion, or 53.93% of total inflows, followed by Other Investments, which brought in US$1.17 billion, or 44.92%. Foreign Direct Investment was the smallest contributor, amounting to US$29.83 million, or 1.15% of total capital imports in Q2 2024.
With that said, here are the 10 banks with the largest capital importation in Q2 of 2024.
Top 10 banks with the largest contribution to Nigeria’s capital importation in Q2
| 1. | Citi Bank Nigeria | $818.46 million |
| 2. | Standard Chartered Bank Nigeria Limited | $654.79 million |
| 3. | Rand Merchant Bank | $488.59 million |
| 4. | Stanbic IBTC Bank plc | $409.93 million |
| 5. | Access Bank | $80.14 million |
| 6. | Zenith Bank plc | $78.01 million |
| 7. | Ecobank Nigeria plc | $25.89 million |
| 8. | First Bank plc | $21.28 million |
| 9. | Guarantee Trust Bank plc | $9.11 million |
| 10. | First City Monument Bank plc | $6.21 million |
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