![]() ![]() ![]() He added that the foreign investors have more confidence in their own banks because of the healthier operating environment than what operates here.įurther disaggregation of the report showed that four states received the highest investment inflows under ‘Destination of Investment’. So, they borrow at convenient interest rates to invest offshore with prospects of favourable returns”, Komolafe said. They are able to attract huge capital within their environment where interest rate is significantly low, inflation rate is also low. “The banks that attract the highest foreign investment are subsidiaries of major international financial services institutions who have the money. This is because of the symbiotic relationship between the parent companies and their outposts in other parts of the world as they have a way of relating among themselves to have the capital revolve within. Other financial services institutions with double-digit capital inflow are Zenith Bank Plc ($38.93 million), Rand Merchant Bank ($26.81 million), FCMB Plc ($26.78 million), Union Bank of Nigeria Plc ($21.54 million), Access Bank Plc ($12.60) and FSDH Merchant Bank ($10 million).Īn investment banker, Kayode Komolafe, said that subsidiaries of foreign banks operating in Nigeria stand a better chance of attracting foreign capital than their wholly indigenous counterparts. This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (or 31.81 per cent) and Stanbic IBTC Bank with US$151.85 (accounting for 13.41 per cent). Globus Bank recorded no investment inflow in 2022.Īccording to the report in the ‘Categorisation of Capital/ Importation by Banks’ section, Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (representing 37.45 per cent of total inflow). ![]() While Unity Bank received a total of $3.56 million in one tranche in 2022, Wema Bank recorded $3.81 million in three tranches. On the other hand, Unity Bank Plc, Wema Bank Plc, four-year-old Globus Bank and Jaiz Bank recorded the lowest inflows with $0.11 million, $0.10 million, $0.04 million and $0.01 million respectively in Q1 2023 according to the report under its ‘Capital Importation by Banks’ section. The NBS latest investment inflow report published Monday, July 10, 2023, showed that, with the exception of Keystone Bank which recorded a total of $2.53 million in 2022, the other two DMBs received nothing last year.Īs a result, they appeared in the league of ‘fringe’ players like Suntrust Bank, Coronation Merchant Bank and FBN Merchant Bank who did not feature in the recent NBS report as having contributed to the investment inflow. ![]()
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