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Nigeria attracted a sum of $1.54 billion as capital inflows in the second quarter of 2022, an increase of 75.34% compared to $875.62 million recorded in the corresponding period of 2021. This is, however, 2.4% lower than the $1.57 billion received in the preceding quarter. This is according to the recently released capital importation report by the National Bureau of Statistics (NBS). The breakdown of the report showed that the largest amount was received through portfolio investment at $757.32 million, which accounted for 49.33% of the total inflows, followed by other investments with $630.87 million, representing 41.09%, while foreign direct investment accounted for 9.58% ($147.16 million).

Foreign inflows into Nigeria have remained low post-covid, attracting a total of $6.7 billion in foreign capital in 2021, as against $9.66 billion and $23.99 billion recorded in 2020 and 2019 respectively. Cumulatively, a total of $3.11 billion has been recorded as imported capital in the first half of the year.

Disaggregated by Sectors, capital importation into banking had the highest inflow of $646.36 million amounting to 42.10% of total capital imported in the second quarter of 2022. This was followed by capital imported into the production sector, valued at $233.99 million (15.24%), and the financing sector with $197.31 million (12.85%).
Capital Importation by Country of Origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the second quarter of 2022 with a value of $781.05 million, accounting for 50.87%. This was followed by Singapore and the Republic of South Africa valued at $138.58 million (9.03%) and $122.26 million (7.96%) respectively. In terms of destination of investments, Lagos state remained the top destination in Q2 2022 with $1.05 billion, accounting for 68.66% of total capital investment into Nigeria. Abuja followed with $453.95 million in investments,

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Weekly Market Report produced by ASHON in collaboration with Unicorn Capital Limited Page |3
accounting for 29.57% of the total value. Notably, apart from Anambra Ekiti, and Kogi States, all other states recorded no inflows in the period under review. 

The recently released foreign trade report by the National Bureau of Statistics showed that Nigeria exported goods worth N7.41 trillion in the second quarter of 2022, representing a 47.5% increase from N5.02 trillion recorded in the corresponding period of 2021. The list of top exported items by the African giant appears the same, crude oil and natural gas topping the list, followed by urea. Meanwhile total crude oil export stood at N5.9 trillion in the period under review, a stunning 45.1% increase year-on-year.

Nigeria expects its local currency, the Naira, to weaken further over time even after it showed signs of recovering from a record low last week, said by the country’s finance minister Zainab Ahmed. Ahmed also ruled out Nigeria taking on an International Monetary Fund program to address the country’s fiscal challenges, which include plummeting revenues and rising debt service costs


A total turnover of 949.819 million shares worth N9.329 billion in 18,525 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.195 billion shares valued at N12.924 billion that exchanged hands last week in 19,305 deals.
The Financial Services Industry (measured by volume) led the activity chart with 735.300 million shares valued at N4.133 billion traded in 10,186 deals; thus contributing 77.41% and 44.30% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 69.775 million shares worth N191.041 million in 570 deals. The third place was the ICT Industry, with a turnover of 44.439 million shares worth N2.875 billion in 1,744 deals.

Trading in the top three equities namely Sterling Bank Plc, United Bank for Africa Plc and Transnational Corporation Plc (measured by volume) accounted for 472.701 million shares worth N1.164 billion in 2,333 deals, contributing 49.77% and 12.48% to the total equity turnover volume and value respectively.

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