Stanbic IBTC, in the second quarter of this year, has facilitated a $589.84 million capital inflow into the country, ranking as the first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its second quarter 2017 Capital Importation Report, stated that Stanbic IBTC accounted for 32.91 per cent ($589.84 million or N216.47 billion) of the total share for the period, representing an increase of 9.12 per cent over the $536.78 million it posted in the first quarter of the year, bringing it to $1.127 billion (N413.62 billion) capital importation by the bank in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank have accounted for 70.7 per cent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investments were the key mover of capital during the quarter, growing by 145.7 per cent, and followed by other investments, which rose by 95.02 per cent, and Foreign Direct Investment (FDI) by 29.8 per cent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. Placing second was other investments, with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 per cent.
The bank’s accomplishment has reflected its strength, strong leadership and unyielding support of its parent company, the 154-year-old Standard Bank Group, Africa’s largest financial institution.
Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged its continued support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom (UK), which accounted for $696.7 million or 38.87 per cent of the total. The second largest value of capital importation came from the United States (US) with $287.82 million or 16.06 per cent.