Citibank, Stanbic IBTC and First Bank Plc are top on the list of foreign investment attraction to the country, says the Capital Importation Report of the National Bureau of Statistics.
According to the Report released by the NBS, the three financial institutions have reported substantial foreign capital inflows, reflecting investor’s trust in their financial health and market strategies
Citibank Nigeria leads with substantial $1.03 billion in foreign investments, a substantial decrease from the $1.47 it recorded in 2022. Stanbic IBTC Bank Plc, on the other hand, has seen a notable increase in foreign investment, rising to $919.32 million from $803.36 million in the preceding year.
First Bank of Nigeria Plc has also witnessed a more than twofold increase in foreign investment, surging to $447.7 million in 2023 from a modest $187.39 million in 2022.
Standard Chartered Bank Nigeria Limited saw a significant decline, with foreign investments plummeting to $384.36 million from an impressive $1332.22 million in the previous year.
R and Merchant Bank and Zenith Bank Plc both enjoyed growth, with figures reaching $263.15 million and $238.56 million, respectively, marking them as competitive players.
Ecobank Nigeria Plc, Access Bank Plc, First City Monument Bank Plc, and Nova Merchant Bank Ltd. have seen varying levels of foreign investments, with Ecobank and Access Bank experiencing declines.
At the same time, Nova Merchant Bank Ltd. registered an increase, albeit from a lower base.
The data suggests continued resilience in the face of global economic pressures, with the banks above setting the benchmark for foreign investment appeal in Nigeria.
Nigeria witnessed a significant uptick in capital inflows, marking a 66.27 per cent surge when juxtaposed with figures from the third quarter of 2023.
In a related development, FirstBank has launched the second season of its Cash Out promo designed to reward users of FirstMobile, its industry-leading mobile banking solution. The FirstBank Cash Out Promo 2.0 which began on Monday, 15 January 2024, ends on Friday, 15 March 2024, and is open to new and existing customers.
Leading up to the grand finale – with 1 million naira up for grabs – the promo comprises three distinct categories, each offering attractive rewards comprising N10,000 worth of airtime and data, N20,000.00, and N100,000.00 respectively.
In the first category, 100 lucky customers will win N10,000 worth of airtime and data each week for completing a minimum of five transactions on the FirstMobile app.
The second category builds up the excitement of the promo, as 100 lucky customers will win N20,000 each for carrying out a minimum of ten transactions weekly.
On the other hand, Lucky 50 customers who carry out 25 transactions each month will be rewarded with N100,000 each.
The promo culminates in the grand finale draw as two lucky customers with a minimum of 50 transactions will win the whooping sum of N1 million each.
Dormant and inactive account holders can immediately become eligible once they reactivate their dormant accounts. Inactive users of FirstMobile only need to update their Apps on their iOS Appstore or Android Playstore and start transacting to qualify.
Credit: Blueprint, with slight modifications.
