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Did You Know? Nigeria’s Top States and Banks for Foreign Investors

Every quarter, the National Bureau of Statistics (NBS) publishes its report on the amount of foreign investment coming into Nigeria. The Nigeria Capital Importation report, as it’s called, provides a glimpse of investment inflows into states, banks, and economic segments in the country.

Earlier this year, the NBS put out its Capital Importation Report for the first quarter of 2020. The document says that between January and March, about $5.84 billion flowed into Nigeria from elsewhere in the world.

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It also shows what types of investments make up this total sum, and what destinations have received it. These funds are categorized as follows:

  • Foreign Direct Investment
  • Portfolio Investment
  • Other Investment (including loans, currency deposits, trade credits, and other claims and investments)

This article summarizes some of the information laid out in that document.

Top Investment Destinations

The top five investment destinations as captured in the NBS’s report are:


Lagos was the destination for $5.135 billion in foreign investment between January and March 2020. This was more than 87% of all of Nigeria’s foreign investment concerns for the period.


The Federal Capital Territory received $706.8 million of the capital inflows into Nigeria in Q1 of 2020– about 12% of the country’s total.


Niger took in $4.96 million in capital imports in Q1, to place third on the list.


Fourth on the list was Sokoto, with $2.5 million in foreign investment coming into the state in the first three months of the year.


Kaduna State attracted $1.96 million worth of foreign investment in the period under review. This was however lower than the $2.16 million it got within the same time frame in 2019.

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Top Banks for Investment Inflows

These banks received the most investment inflows in Q1 of 2020.

Standard Chartered Bank

Standard Chartered received $1.65 billion in capital imports, the highest for any bank in Nigeria. Headquartered in the UK, the bank launched in Nigeria in 1999; the majority of its branches in the country are in Lagos.

Stanbic IBTC

Approximately $1.3 billion in foreign capital came into Nigeria through this bank in Q1 2020. The bank is a member of the Standard Bank Group headquartered in South Africa.

Citi Bank

About $688.47 million in investments were attracted by Citi Bank’s Nigerian subsidiary. The bank is part of a global financial services company that also has a presence in other parts of Africa, as well as Europe and the Middle East.

First Bank

First Bank took $677 million worth of capital inflows between January and March 2020. It is Nigeria’s oldest and most recognizable financial services institution.

Rand Merchant Bank

Rand Merchant Bank Nigeria received $611 million in foreign investment, making it the fifth contributor to international capital inflows in the banking industry. The bank is the Nigerian subsidiary of South Africa’s FirstRand Bank.

Featured image source: Dreamstime

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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