The Nigerian economy witnessed a noteworthy increase in capital importation in the first quarter of 2023, according to the Nigerian Bureau of Statistics (NBS). NBS reported that a total capital importation in the first quarter of 2023 stood at an impressive $1.32 billion, showcasing a 6.78% rise from the previous quarter’s figure of $1.06 billion.

Despite this positive growth, it should be noted that the Q1 2023 figure represents a 28% decrease when compared to the same period in 2022, where capital importation recorded a noteworthy $1.57 billion. Digging deeper, the report revealed that the largest portion of capital importation during the first quarter of 2023 came from portfolio investment, which accounted for a substantial 57.32% or $649.28 million of the capital imported.

This indicates the continued interest of investors in Nigeria financial markets and securities. The data provided by the (NBS) showcase the confidence that foreign investors have in Nigeria’s economic potential. In spite of the challenges brought by the global pandemic, the nations’ resilience and ongoing reforms have attracted significant capital inflows.

The increase in capital importation can be attributed to various factors, including favorable investment policies, improved business environment, and the government’s commitment to economic diversification.

Additionally, Nigeria’s abundant natural resources, growing population, and emerging market offers attractive investment opportunities and potentials for high returns. The report’s finding highlights the importance of continued efforts to attract foreign investment and stimulate economic growth.

“Nigerian regulatory bodies can leverage this positive trend to further strengthen investors’ confidence and encourage more capital inflows.

“It is important to note that while the overall trend is positive, policy makers and stakeholders should remain vigilant and proactive to ensure sustainable growth and maintain investors interest. This includes addressing any challenges that may hinder the ease of doing business in Nigeria, implementing investor-friendly policies and promoting transparency and accountability.

“In the end, with the right strategies and continued focus on improving the investment landscape, Nigeria can further capitalize on its potential and drive sustainable economic growth,” the report stated.