Report says Stanbic IBTC, Citi Bank Nigeria, Standard Chartered Bank account for 70.7% foreign capital inflow into Nigeria
The National Bureau of Statistics, NBS, has said that three banks: Stanbic IBTC, Citi Bank Nigeria and Standard Chartered Bank, accounted for 70.7 percent or $1,267.8 million of total capital importation during the second quarter of 2017, while the other 22 banks accounted for the balance.
In specifics, the NBS revealed stated that in the 2nd quarter of current year, foreign capital inflow into Nigeria through Stanbic IBTC was at $589.84 million.
The NBS said this figure accounts for 32.91 percent of the $1.8 billion total value of capital brought into the economy in the period under review. This, it further disclosed, represented an increased from the 9.12 percent share it recorded in the first quarter of the year.
NBS said in its report released earlier this week that the second financial institution with highest value of inflows was Citi Bank Nigeria, which accounted for 19.12 percent share or ($342.7 million) of capital importation, also up from a share of 5.12 percent recorded in the first quarter of the year. The financial institution to account the third largest capital import share was Standard Chartered Bank, which recorded a share of 18.7 percent, down from the 25.4 percent share it reported in the first quarter, however in absolute terms, it was $103.7 million more than the amount it reported in the first quarter of the year.
Stanbic IBTC Bank Plc is a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria.
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