In a concerning trend, foreign investors have snubbed 27 states in Nigeria, leading to a 34% decline in the value of capital importation, which fell to $2.82 billion in the first nine months of 2023 from $4.27 billion in the same period last year. The National Bureau of Statistics (NBS) revealed these figures in its latest capital importation report for the third quarter of 2023.
The report disclosed that capital imports for the first nine months were distributed as follows: $1.13 billion in Q1, $1.03 billion in Q2, and $654.65 million in Q3. Notably, 27 states failed to attract foreign investment during this period, including 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, and Zamfara.
Lagos, however, stood out as a beacon of attraction, continuing to draw significant capital despite the overall downturn. The commercial hub attracted $1.79 billion, representing 64% of the total capital inflow into Nigeria. The Federal Capital Territory (FCT) emerged as the second top investment destination with $799.21 million, constituting 28% of the total capital inflow in the country for the first nine months of the year.
Other states that managed to attract foreign investments during this period include Abia ($150.09 million), Akwa Ibom ($39.13 million), Ogun ($27.09 million), Adamawa ($4.5 million), Anambra ($4 million), Niger ($1.50 million), Edo ($200,000), and Ekiti ($38,250).
The stark contrast in investment attraction highlights the challenges faced by many states in Nigeria and underscores the need for strategic efforts to enhance the investment climate nationwide.
