Buoyed By Portfolio Inflows, Capital Importation Increases to $10.37bn in Q1

Capital importation in the country surged to $10.37 billion in the first quarter, largely driven by significant portfolio investments totaling $9.86 billion and foreign direct investment of $135.08 million. The UK, US, and South Africa were the top contributors, providing $5.08 billion, $3.18 billion, and $983.83 million, respectively. This influx highlights the positive impact of Central Bank of Nigeria reforms and Naira liberalization, which have strengthened the foreign exchange market, according to Fitch. This rise in capital inflows is crucial for bolstering economic stability and growth in the nation.