Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has been ranked as the financial institution that attracted the highest amount of capital investment in the third quarter of 2019.
This was contained in the Nigerian Capital Importation report of the Nigerian Bureau of Statistics.
According to the report, Stanbic IBTC Bank PLC attracted $1.6 billion in third quarter 2019, which equates to 30.38 per cent of the total capital inflow during the same period. The Nigerian Capital Importation second quarter report earlier released by the Nigerian Bureau of Statistics in September, 2019, also revealed that Stanbic IBTC PLC attracted 30.34 per cent of the total capital inflow into the country. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC, stated that the report identifying the bank as facilitating the highest amount of capital inflows reflects the immense contribution of the financial institution to the Nigerian economy.
He added that the bank would continue to take the lead in the facilitation of business transactions that would inject foreign capital into the country. The report reflected that the total value of capital imported into the country as at Q3 2019 was $5.3 billion.
A breakdown showed that the largest amount of capital importation by type was through portfolio investments which amounted to $2,999.5 million (55.88 per cent); while Other Investment accounted for $2.1 billion of total capital. Foreign Direct Investment made up $200.08 million of total capital imported in third quarter of 2019.
The Nigerian Bureau of Statistics (NBS) Capital Importation third quarter 2019 Report outlines Nigeria’s economic outlook, showing the total value of capital inflow into Nigeria. While Lagos State emerged as the top destination of capital investment in Nigeria in third quarter 2019 with $4.9 billion , the United Kingdom was the biggest source of capital investment into Nigeria during the third quarter.
The value of capital inflow into Nigeria was $2 billion , representing 37.47 per cent of the total capital inflow, The Nation reports.