A report by the National Bureau of Statistics has shown how banks foreign inflow rapidly increased within the period of three years
The report presented capital importation recorded within the years from banks to $38.18bn.
Naija News understands from the report that the likes of Stanbic IBTC Bank, Standard Chartered Bank Nigeria, and Citibank Nigeria Limited took the lead in the development.
According to the report, the reported figures on capital importation by banks was recorded between January 2019 and September 2021 (33 months).
The statistics also showed that banks imported the most capital in 2019 at $23.99bn, which reduced to $9.68bn in 2020.
However, in the first nine months of 2021, banks recorded only $4.51bn capital importation, indicating their worst run in the 33 months under review.
The NBS said the capital importation data were obtained from the Central Bank of Nigeria and they include imported physical capital, such as equipment, and financial capital importation.
Naija News understands that capital importation is comprised of three main investment categories, namely foreign direct investment, foreign portfolio investment, and other investments.
It added that the FDI includes equity and other capital, while the FPI includes equity, bonds, and money market instruments; ‘other investments’ include trade credits, loans, currency deposits, and other claims.
Within the period under review, eight out of the 28 banks listed by the NBS accounted for 90.95 per cent ($34.73bn) of the total capital importation recorded by the banks.
The eight banks are United Bank For Africa Plc ($1.09bn), Access Bank Plc. ($2.17bn), First Bank of Nigeria Limited ($2.2bn), Ecobank Nigeria ($2.26bn), Rand Merchant Bank ($3.85bn, ) Citibank Nigeria Limited ($4.45bn), Standard Chartered Bank Nigeria Limited ($6.61bn), and Stanbic IBTC Bank Plc ($12.10bn).Given the above records, the likes of Diamond Bank Plc, Jaiz Bank Plc, and Unity Bank Plc, recorded zero capital importation in the period under review.Foreign investment inflows fall by N28.57bn Other financial institutions captured in the review period include Coronation Merchant Bank ($11m), FBN Merchant Bank ($290.96bn), FSDH Merchant Bank Limited ($76.93m), Fidelity Bank Plc ($170.25m), First City Monument Bank Plc ($440.64m), Globus Bank ($1m), Guaranty Trust Bank Plc ($765.5m), Heritage Banking Company Limited ($50,000), and Keystone Bank Limited ($0.87m).Others on the list are Nova Merchant Bank Limited ($68.03m), Providus Bank ($3.13m), Polaris Bank Limited ($0.53m), Sterling Bank ($75.59m), SunTrust Bank Nigeria ($7.6m), Union Bank Of Nigeria Plc ($636.66m), Wema Bank Plc ($57.62m), and Zenith Bank Plc ($850.62m)The Managing Director, Cowry Asset […]