Stanbic IBTC, UBA, 4 others lead in FDI’s channels in Q3 2021

Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria Limited, Citi Bank Nigeria Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc (UBA), Ecobank Nigeria Plc and Providus Bank are among Nigeria’s topmost investment channels in the third quarter of 2021.

According to data released by the National Bureau of Statistics (NBS) entitled ‘Nigerian Capital Importation (Q3 2021), six out of the seven banks received a total of $1.60 billion out of the $1.73bn foreign investment channeled into the Nigerian economy in the third quarter of 2021.

A total of 18 banks were involved in the third quarter of 2021 investment inflow with each of the top six recording $100 million and above. UBA received $200.00 million while Ecobank had $126.02 million channeled through it.

In the report, Stanbic IBTC Bank Plc received $537.92 million, Standard Chartered Bank Nigeria Limited ($326.01 million), Citi Bank Nigeria Limited ($248.30 million) and Union Bank of Nigeria Plc ($162.05 million). Providus Bank recorded the least investment inflow of $0.003 million.

Financing and Banking topped the investment by sector with $469.17 million and $460.39 million respectively, followed by Production and trading which recorded $323.83 million and $216.39 respectively.

Shares received $160.91 million while Telecoms recorded $50.84 million. Agricultural sector received only $32.93 million investment inflow during the reporting period.

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