Nigerian banks attract US$4.74bn foreign investments in six months

NIGERIA – Data obtained from the National Bureau of statistics showed that the amount of investment attracted by 22 banks accounted for 33.16 per cent of the total amount of foreign investment recorded in the first half of the year, which stood at US$14.31 billion.

In the first quarter of the year, the total value of capital importation into Nigeria stood at $8.49 billion. This is an increase of 216.03 per cent over the value recorded in the fourth quarter of 2018 and 34.61 per cent increase over the value recorded in the first quarter of 2018.

Data from the national bureau of statistics also revealed that capital importation by the banking sector dominated the Q1 2019 performance, reaching US$2.85 billion of the foreign investment in first quarter of the year.

Of the 22 banks, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q1 2019 with $3.61 billion worth of foreign investments. This accounted for 42.50 per cent of the total capital inflow in Q1 2019.

In the second quarter of the year, the total value of capital importation into Nigeria stood at $5.82 billion. This showed a 31.41 per cent decrease compared to the value recorded in Q1 2019 and 5.56 per cent increase compared to the value recorded in Q2 2018.

Again, capital importation by the banking sector topped Q2 2019, reaching $1.89bn of the total foreign investment.

Stanbic IBTC again emerged at the top of capital investment in Nigeria in Q2 2019 with $1.77 billion worth of foreign investment. This accounted for 30.34 per cent of the total capital inflow in Q2 2019.

In total, Stanbic IBTC attracted $5.38bn, followed by Rand Merchant Bank with a total foreign investment of $1.98 billion, Citi Bank with $1.79 billion investment and Standard Chartered Bank with $1.4 billion.

Access Bank Plc attracted $810.22 million worth of foreign investment while Union Bank got $280.94 million.

United Bank for Africa Plc, Zenith Bank Plc, Ecobank, Guaranty Trust Bank Plc and Wema Bank Plc attracted $82.77 million, $201.71 million, $566.31 million, $215.36 million and $1 million, respectively.

First City Monument Bank Plc and FBNQuest Merchant Bank Limited attracted $7.98 million and $23.02 million respectively. First Bank of Nigeria Limited and FSDH Merchant Bank respectively attracted foreign investment worth $229.42 million and $11 million.

The banks with the least amount of investment were Sterling Bank Plc with Bank $918,017; Fidelity Bank Plc, $846,597; Providus Bank, $657,137; Coronation Merchant Bank, $414.36 and Suntrust Bank with $411,243.

Polaris Bank and Keystone Bank were at the bottom of the list with US$16.2 and US$0.11 worth of investment, respectively.

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