Stanbic leads in capital inflows into Nigeria with $590m in 6 months –NBS

 

 The Nigerian Bureau of Statistics (NBS) has stated that Stanbic IBTC, in the second quarter of this year, facilitated about $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.

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.

The NBS in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent 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 trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.

According to the report, Portfolio Investment was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.

Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, speaking on the report, said “We are definitely proud of this achievement. It represents a validation of our commitment to supporting the attainment of Nigeria’s developmental aspirations,” he said.

He pledged that the company would continue to provide support to all sectors of the economy in moving individuals and businesses forward.