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GTbank, Access bank, others attract $5.85b foreign investment in Q1 2020 -NIPC

The Nigerian Investment Promotion Commission (NIPC) quoting nairametric said GTbank, Access and others have attracted foreign investments worth $5.85b in the first quarter of 2020. This is an effort made to resuscitate the economy as Nigeria grapples with the impacts of COVID-19.

NIPC stated that this is part of the information contained in Nigeria’s Q1 2020 Capital Importation report by the National Bureau of Statistics, recently.

The Nigerian Capital Importation Report disclosed that Citi Bank and the local unit of Rand Merchant Bank joined Standard Chartered Bank and Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

More details in the NBS report also showed that out of the 27 banks that foreign investors used to deploy foreign capital into the country, the most investment came through Standard Chartered Bank. The bank attracted $1.656 billion worth of investment in the first quarter of this year, compared to $1.076 billion during the comparable quarter in 2019.

Stanbic IBTC followed with $1.37 billion worth of foreign investment, while Citi Bank Nigeria occupied the third position having attracted $688.44 million inflows as against $770 million recorded in Q1 2019.

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