Nigerian Capital Importation (Q3 2019) Report Date: November 2019 Contents Summary 1 Capital Importation by Type of Investment ($ million) 2 Q1 2017 to Q3 2019 4 Capital Importation by Sector 8 Capital Importation by Destination 10 Capital Importation by Bank 12 Capital Importation by Country of Origin 13 Appendix - Tables 15 Methodology 22 Acknowledgment and Contact 23 Executive Summary The total value of capital importation into Nigeria stood at $5,367.56 million in the third quarter of 2019. This represents a decrease of -7.78% compared to Q2 2019 and 87.99% increase compared to the third quarter of 2018. The largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% ($2,999.50m) of total capital importation, followed by Other Investment, which accounted for 40.39% ($2.167.98m) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73% ($200.08m) of total capital imported in Q3 2019. By sector, Capital importation by banking dominated Q3 2019 reaching $1,756.83 million of the total capital importation in Q3 2019. The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14 million. This accounted for 37.47% of the total capital inflow in Q3 2019. By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q3 2019 with $4,976.40 million. This accounted for 92.71% of the total capital inflow in Q3 2019. By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q3 2019 with $1,630.91 million. This accounted for 30.38% of the total capital inflow in Q3 2019. 1 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment ($ million) Q3 FOREIGN DIRECT INVESTMENT 2019 Foreign Direct Investment Equity Other Capital $200.08 $196.38 $3.70 QoQ = (10.23)% QoQ = (11.89)% QoQ = ----- YoY = (62.29)% YoY = (62.99)% QoQ = ----- PORTFOLIO INVESTMENT Portfolio Money market Investment Equity Bonds instruments $2,999.50 $358.19 $91.60 $2,549.71 QoQ = (30.13)% QoQ = (27.91)% QoQ = ((71.04)% QoQ = (26.73)% YoY = 74.08% YoY = (9.20)% YoY = 144.42% YoY = 97.48% 2 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment ($ million) Q3 OTHER INVESTMENT 2019 Other Investment Trade credits Loans Currency deposits Other claims $2,167.98 ----- $1,774.88 ----- $393.10 QoQ = 66.20% QoQ = (100.00)% QoQ = 99.21% QoQ = ----- QoQ = (4.90)% YoY = 260.41% YoY = (100.00)% YoY = 216.24% YoY = ----- YoY = 1,056.22% ($ million) TOTAL $5,367.56 QoQ = (7.78)% YoY = 87.99% 3 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment 2017 Q1 2017 TO Q3 2019 Q1 Q2 Q3 Q4 TOTAL FOREIGN DIRECT INVESTMENT $211.38 $274.37 $117.60 $378.41 $981.75 Equity $210.1 $274.07 $117.47 $377.8 $979.44 Other Capital $1.28 $0.30 $0.13 $0.61 $2.32 PORTFOLIO INVESTMENT $313.61 $770.51 $2,767.42 $3,477.53 $7,329.06 Equity $101.99 $614.05 $1,932.07 $989.2 $3,637.31 Bonds ----- $57.87 $115.43 $309.54 $482.84 Money Market Instruments $211.61 $98.59 $719.91 $2,178.79 $3,208.90 OTHER INVESTMENT $383.28 $747.47 $1,260.08 $1,526.92 $3,917.75 Trade Credits ----- ----- ----- $10.00 $10.00 Loans $369.28 $747.47 $956.69 $1,091.20 $3,164.63 Currency Deposits $3 ----- $0.52 $0 $3.52 other Claims $11 ----- $302.88 $425.72 $739.60 TOTAL $908.27 $1,792.34 $4,145.10 $5,382.86 $12,228.57 4 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment 2018 Q1 2017 TO Q3 2019 Q1 Q2 Q3 Q4 TOTAL FOREIGN DIRECT INVESTMENT $246.62 $261.35 $530.63 $156.08 $1,194.67 Equity $246.61 $255.71 $530.63 $156.08 $1,189.03 Other Capital $0.005 $5.63 ----- ----- $5.64 PORTFOLIO INVESTMENT $4,565.09 $4,119.46 $1,723.05 $1,394.68 $11,802.27 Equity $701.61 $1,048.39 $394.47 $218.27 $2,362.73 Bonds $335.88 $400.14 $37.48 $193.33 $966.82 Money Market Instruments $3,527.60 $2,670.93 $1,291.10 $983.08 $8,472.72 OTHER INVESTMENT $1,491.93 $1,132.75 $601.53 $589.32 $3,815.53 Trade Credits ----- ----- $6.29 $0.63 $6.92 Loans $1,268.44 $1,121.66 $561.24 $571.48 $3,522.83 Currency Deposits ----- ----- ----- $1.03 $1.03 other Claims $223.49 $11.08 $34.00 $16.18 $284.75 TOTAL $6,303.63 $5,513.55 $2,855.21 $2,140.08 $16,812.47 5 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment 2019 Q1 2017 TO Q3 2019 Q1 Q2 Q3 FOREIGN DIRECT INVESTMENT $243.36 $222.89 $200.08 Equity $242.67 $222.89 $196.38 Other Capital $0.70 ----- $3.70 PORTFOLIO INVESTMENT $7,145.98 $4,292.89 $2,999.50 Equity $656.19 $496.84 $358.19 Bonds $565.65 $316.28 $91.60 Money Market Instruments $5,924.13 $3,479.77 $2,549.71 OTHER INVESTMENT $1,096.15 $1,304.43 $2,167.98 Trade Credits ----- $0.11 ----- Loans $752.29 $890.96 $1,774.88 Currency Deposits ----- ----- ----- other Claims $343.86 $413.37 $393.10 TOTAL $8,485.49 $5,820.21 $5,367.56 6 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Type of Investment 2017-2019 Q1 2017 TO Q3 2019 QonQ YonY FOREIGN DIRECT INVESTMENT (10.23)% (62.29)% Equity (11.89)% (62.99)% Other Capital ----- ----- PORTFOLIO INVESTMENT (30.13)% 74.08% Equity (27.91)% (9.20)% Bonds (71.04)% 144.42% Money Market Instruments (26.73)% 97.48% OTHER INVESTMENT 66.20% 260.41% Trade Credits (100.00)% (100.00)% Loans 99.21% 216.24% Currency Deposits ----- ----- other Claims (4.90)% 1,056.22% TOTAL (7.78)% 87.99% 7 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Sector ($ million) Shares I T Services Brewering $774.69 $15.53 $1.25 Servicing Oil And Gas Hotels $26.93 $38.66 ----- Banking Electrical Drilling $1,756.83 $26.06 ----- Production Transport Fishing $153.77 $5.59 ----- Financing Construction Marketing $1,476.30 $8.04 $3.65 Agriculture Telecomms Tanning $60.36 $884.85 $0 Trading Consultancy Weaving $132.09 $1.64 ----- TOTAL $5,366.26 8 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Sector (Share of Q3 2019) Shares I T Services Brewering 14.44% 0.29% 0.02% Servicing Oil And Gas Hotels 0.50% 0.72% 0.00% Banking Electrical Drilling 32.74% 0.49% 0.00% Production Transport Fishing 2.87% 0.10% 0.00% Financing Construction Marketing 27.51% 0.15% 0.07% Agriculture Telecomms Tanning 1.12% 16.49% 0.00% Trading Consultancy Weaving 2.46% 0.03% 0.00% TOTAL 100.00% 9 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Destination Destination Of Investment ABIA ABUJA (FCT) ADAMAWA AKWA IBOM ----- $381.19 ----- ----- ANAMBRA BAUCHI BAYELSA BENUE ----- ----- ----- ----- BORNO CROSS RIVER DELTA EBONYI ----- ----- ----- ----- EDO EKITI ENUGU GOMBE $0.83 ----- ----- ----- IMO JIGAWA KADUNA KANO ----- ----- $0.25 $0.16 10 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Destination Destination Of Investment KATSINA KEBBI KOGI KWARA ----- ----- ----- ----- LAGOS NASARAWA NIGER OGUN $4,976.40 ----- ----- $7.00 ONDO OSUN OYO PLATEAU ----- ----- $1.71 ----- RIVERS SOKOTO TARABA YOBE $0.03 ----- ----- ----- ZAMFARA TOTAL ----- $5,367.56 11 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Bank CORONATION ACCESS BANK PLC CITIBANK NIGERIA LIMITED MERCHANT BANK DIAMOND BANK PLC ECOBANK NIGERIA LTD $477.55 $350.95 ----- ----- $754.38 FSDH MERCHANT FIRST CITY FBN MERCHANT BANK BANK LIMITED FIDELITY BANK FIRST BANK MONUMENT BANK PLC $126.73 $11.13 $47.19 $307.94 $39.00 HERITAGE BANKING GUARANTY TRUST BANK PLC COMPANY LIMITED JAIZ BANK PLC KEYSTONE BANK LIMITED NOVA MERCHANT BANK LTD $304.22 ----- ----- ----- $15.50 STANDARD CHARTERED PROVIDUS BANK RAND MERCHANT BANK POLARIS BANK LIMITED STANBIC IBTC BANK PLC BANK NIGERIA LIMITED $0.10 $430.15 ----- $1,630.91 $502.47 SUNTRUST BANK UNION BANK OF UNITED BANK FOR STERLING BANK NIGERIA LTD NIGERIA PLC AFRICA PLC UNITY BANK PLC $7.52 $6.72 $71.00 $204.40 ----- WEMA BANK PLC ZENITH BANK PLC TOTAL $0 $7.52 $72.18 $5,367.56 12 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Country of Origin Top Ten Highest Top Ten Lowest United $2,011.14 Israel $0.00 Kingdom United States $1,232.72 Indonesia $0.01 South Africa $708.77 Philippines $0.01 Egypt $251.10 Poland $0.02 Netherlands $161.12 Saudi Arabia $0.05 Mauritius $154.91 Kenya $0.07 Taiwan, France $148.32 Province $0.10 of China Singapore $140.16 Seychelles $0.10 Belgium $108.76 Denmark $0.11 UAE $78.20 Australia $0.13 13 Nigerian Capital Importation - Q3 2019 NIGERIAN CAPITAL IMPORTATION – Q3 2019 Capital Importation by Country of Origin 50 Kuwait 0.20 Capital Importation by Country of Origin (US$) 51 Latvia - 52 Lebanon 3.37 S/N0 COUNTRY OF ORIGIN Q3 2019 53 Liberia - 1 Afghanistan - 54 Liechtenstein - 2 Andorra - 55 Luxembourg 23.74 3 Anguilla - 56 Malaysia - 4 Australia 0.13 57 Malta - 5 Bahamas - 58 Marshall Islands 0.83 6 Bahrain 0.30 59 Mauritania - 7 Barbados - 60 Mauritius 154.91 8 Belgium 108.76 61 Mexico - 9 Benin - 62 Morocco 3.24 10 Bermuda 1.70 63 Mozambique - 11 Botswana - 64 Netherlands 161.12 65 Netherlands Antilles - 12 Bouvet Island 4.46 66 New Zealand - 13 Brazil - 67 Niger 6.71 14 British Virgin Islands 15.94 68 Nigeria 47.13 15 Brunei Darussalam - 69 Norway - 16 Bulgaria - 70 Panama 0.40 17 Canada 0.31 71 Philippines