Stanbic IBTC, Ecobank, 24 others attract $5.36 billion foreign investments in Q3

Stanbic IBTC, Ecobank Nigeria Limited, Standard Chartered Plc, Access Bank Plc, Citi Bank, First Bank and 20 others attracted foreign investment worth over $5.36 billion as at the end of Third Quarter, 2019, report from National Bureau of Statistics obtained by Nairametrics disclosed.

The Nigerian Capital Importation report disclosed that Ecobank Nigeria and the local unit of Standard Chartered Bank joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

 Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank.

The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

 Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows.

Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; First Bank of Nigeria had $307.94 million.

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78% to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.

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In the capital importation by country of origin, the report also revealed the top 10 highest and lowest countries that invested in Nigeria.

Highlights

Top Ten Highest

  • United Kingdom – $2.01 billion
  • United States – $1.23 billion
  • South Africa – $708.77 million
  • Egypt – $251.10 million
  • Netherlands – $161.12 million
  • Mauritius – $154.91 million
  • France – $148.32 million
  • Singapore – $140.16 million
  • Belgium – $108.76 million
  • UAE – $78.20 million

Top 10 lowest 

  • Israel – $0.00
  • Indonesia – $0.01 million
  • Philippines – $0.01 million
  • Poland – $0.02 million
  • Saudi Arabia – $0.05 million
  • Kenya – $0.07 million
  • Taiwan – $0.10 million
  • Seychelles – $0.10 million
  • Denmark – $0.11 million
  • Australia – $0.13 million
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