28 States Fail To Attract Foreign Investment Into Nigeria

Twenty-eight Nigerian states have failed to attract foreign investment in the first quarter of 2023, the National Bureau of Statistics (NBS) revealed.

Daily Report Nigeria reports that NBS said Nigeria’s capital inflows grew by 6.78 percent in the first quarter of 2023 without the aid of 28 states.

The report held that imported capital reached $1.13 billion, up from $1.06 billion in the first quarter of 2022.

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According to the NBS report, the 28 states that failed to attract foreign investment in the first quarter of 2023 included:

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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 first quarter, Lagos came out ahead of other states and the Federal Capital Territory (FCT) to top the list of states attracting the most investment.

The analysis showed that the country’s major business cities attracted $704.87 million or 62 per cent of the total capital inflows in Nigeria.

Lagos Governor Babajide Sanwo-Olu recently assured investors that the country was the right place to invest and that it was “the crown subnational jewel of the African economy.”

Sanwo-Olu stated that Lagos was ripe for investment in financial technology, educational technology, medical technology, Business Process Outsourcing (BPO), talent training and placement, or physical infrastructure such as data centers.

Meanwhile, the NBS report added that the FCT was the second largest investment destination with $410.27 million, accounting for 36 per cent of the country’s total capital inflows.

Other states attracting foreign investment in the first quarter of 2023 were Akwa Ibom ($5.21 million), Adamawa ($4.5 million), Anambra ($4 million), and Ogun ($2.09 million dollars).

Niger made the list with $1.5 million, Ondo $200,000, and Ekiti $100,000.