Nigeria's unemployment rate rises to 4.2% in Q2 2023 - NBS

Nigeria's capital imports fall by 36% to $654.65 million in Q3 2023 – NBS


Nigeria's total capital imports decreased by 36.45 percent to $654.65 million in the third quarter of 2023 from $1,030.21 million in the second quarter of the same year.

The National Bureau of Statistics disclosed this in its latest data on Nigeria’s capital imports for the third quarter.

Still, NBS revealed that the country's capital imports in the third quarter decreased by 43.55% year-on-year compared to the corresponding quarter of 2022 ($1,159.67 million).

According to the breakdown of capital import data for the third quarter of 2023, other investments ranked first, accounting for 77.56 percent ($507.77 million), followed by portfolio investments, accounting for 13.31 percent ($87.11 million), and foreign direct investment (FDI) is 9.13%. ($59.77 million).

Among the sectors that attracted the most capital imports during the period, the production/manufacturing sector recorded the highest inflow at $279.51 million, accounting for 42.70% of the total capital imports in Q3 2023, followed by the financial sector. followed. 127.93 million (19.54%), and shares were $85.49 million (13.06%).

In terms of popular locations for capital imports, Lagos State remained the top destination with $308.83 million in the third quarter of 2023, accounting for 47.18% of the total capital imports, followed by Abuja (FCT) with $194.66 million. followed by the US dollar (29.73%). Abia State, $150.09 million (22.93 percent);

Capital imports during the reference period were mainly from the Netherlands, recording $175.62 million and a share of 26.83 percent. Singapore followed with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).

Source: dailypost.ng

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