Nigeria: 28 States Fail to Attract Foreign Investment Amid 6.78 Percent Capital Importation Growth - Report

11 July 2023
Vanguard (Lagos)

No fewer than 28 states have failed to attract foreign investments as the value of capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023.

This development was captured in a report released by the National Bureau of Statistics (NBS).

According to the NBS, the total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

The 28 states that failed to attract foreign investment in Q1 2023 include:

Abia

Bauchi

Bayelsa

Benue

Borno

Cross River

Delta

Ebonyi

Edo

Enugu

Gombe

Imo

Jigawa

Kaduna

Kano

Katsina

Kebbi

Kogi

Kwara

Nasarawa

Osun

Oyo

Plateau

Rivers

Sokoto

Taraba

Yobe

Zamfara

In the quarter under review, Lagos took the lead as it outshined others -- and the federal capital territory (FCT) -- to top the list of states that attracted the most investments.

Lagos state attracted $704.87 million, representing 62 percent of the total capital inflow into Nigeria.

Recall that Governor Babajide Sanwo-Olu of Lagos state recently assured investors that the state is the right place for investments and "the crown subnational jewel of the African economy."

He said Lagos was ripe for investments in financial technology, education technology, health technology, business process outsourcing (BPO), talent training and placement, or physical infrastructure like data centres, among others.

According to the NBS report, the FCT emerged as the second top investment destination with $410.27 million -- representing 36 percent of the total capital inflow in the country.

Other states that attracted foreign investments in Q1 2023 are Akwa Ibom ($5.21 million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Niger made the list with $1.50 million, Ondo had $0.20 million, and Ekiti secured $0.01 million.

Read the original article on Vanguard.

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