Foreign Banks Favoured in Nigeria’s Capital Inflow
Foreign companies clearly prefer foreign banks to local Nigerian banks: "Out of $1.46 billion, $1.2 billion representing 79.5%, was received through Standard Chartered Bank (SCB), Stanbic Bank, Citibank, and RAND Merchant Bank ". The rest, about 20%, were routed via Nigerian banks. We need to deepen our quality and trust profile to capture some of these values.
A capital inflow of the sum of $1.46 billion was received by Nigeria in the third quarter of 2020 (Q3 2020), compared to $1.29 billion in the previous quarter (Q2 2020), as contained in the latest capital importation report released by the National Bureau of Statistics (NBS).
Out of $1.46 billion, $1.2 billion representing 79.5%, was received through Standard Chartered Bank (SCB), Stanbic Bank, Citibank, and RAND Merchant Bank as follows: Standard Chartered Bank, $438.98million (30%); Stanbic Bank, $279.68million (19%); CitiBank, $380.74million (26%); and Rand Merchant Bank, $62.61million (4%).