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  The National Bureau of Statistics (NBS) recently published its National Capital Importation report for the first and second quarters of 2021. The document, available on its website, details the states, sectors, and banks that received foreign investment in the first six months of this year.
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It shows that, between April and June 2021, the total capital importation (investments from abroad) received by Nigeria was $875.62 million. This was down 54% from the first quarter (January to March) when it stood at $1.905 billion. The NBS’s report also lists the countries from which these investments originate, as well as their value in dollars. It places the investments into three categories—Foreign Direct Investment (FDI), Portfolio Investment, and Other Investments. Here’s a rundown of the report, detailing the top investment destinations by state, sector, and banks, as well as the chief sources of capital importation for the second quarter (Q2; that is, April-June) of 2021.

Investment Types

  • Foreign Direct Investment: This refers to investments made by foreign entities into their business interests in Nigeria. The total value of Nigeria’s FDI in Q2 was 77.97 million.
  • Portfolio Investments: These include equity, bonds, and money market instruments in Nigeria purchased by foreign interests. In Q2, this was worth $551.37 million.
  • Other Investments: Including trade credits, loans, currency deposits, and other claims from foreign interests. This totalled $246.27 million.

States With The Highest Foreign Investment

Only two states and the FCT received capital importation between April and June. They were:


Lagos was the top destination for investments in the period. It recorded capital importation worth $780.06 million, about 89.09% of the total capital inflow for Nigeria. However, this was considerably less than the $1.578 billion it received in the first quarter of the year.


The nation’s capital got $95.26 million in capital imports in Q2 2021. Again, this was lower than what is recorded in the first three months of the year (about $318.40 million).


Ogun had an inflow of foreign capital worth about $0.3 million, less than the $0.76 million it got in Q1 2021.

Sectors With The Highest Foreign Investment

These sectors were the top five for foreign investments in the period reviewed by the NBS’s report:


The banking sector had the highest capital inflow of any sector in the country, receiving $296.51 million worth of capital imports in Q2 2021, about 33.86% of the total for all sectors. This was a decline from the $703.93 million it had for Q1.
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Financing got $205.88 million in foreign investment inflows, about 23.51% of the total for all sectors. This was almost double the amount it received in Q1 (109.23 million).


About $194.59 million worth of shares were purchased by foreign interests within the period in review, a marked decrease from the more than $700 million they invested in shares in 2021.


Investments in production stood at $68.03 million. This made up about 7.77% of all foreign capital inflows in Q2. The sector received more than double this amount in Q1—about $182 million.


There was about $50.16 million worth of investments in trade in Nigeria from foreign sources between April and June 2021.

Banks With The Highest Foreign Investments

These banks received the highest foreign investments in Q2 2021.

Stanbic IBTC

The total capital importation coming into Stanbic IBTC for the second quarter of the year was $310.21 million, less than the $461 million it got in Q1.

Standard Chartered Bank

About $282.37 million worth of capital imports came in through Standard Chartered Bank, less than half what it recorded for Q1 ($633.07 million).

Citibank Nigeria

Citibank received $94.15 million in foreign investments in Q2, lower than the $315.03 million that came in through it in Q1.

Zenith Bank

The total amount of capital imports into Nigeria through Zenith bank was $51.40 million. This was less than the $83.94 million that it received in Q1.


Ecobank got $38.32 million in foreign investment inflows between April and June 2021. Again, this was lower than the $50.02 million it recorded in Q1.

The Top Sources Of Foreign Investment Inflows Into Nigeria

These five countries were the top sources of foreign capital imports into Nigeria for the second quarter of 2021.
  • United Kingdom— $310.26 million
  • South Africa— $212.39 million
  • United States— $83.41 million
  • Singapore— $76.80 million
  • Netherlands— $39.51 million
Featured Image Source: The Guardian NG
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This article was first published on 27th August 2021


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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