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FULL LIST: Rivers, Imo… 27 states attracted zero foreign investments in 9 months

Foreign investors snubbed 27 states as the value of capital
importation into Nigeria fell by 34 percent 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) disclosed this in
its latest capital importation report for the third quarter (Q3) of 2023
released on Friday.

 

Capital importation can be explained as bringing in capital
from abroad to fuel investment, trade, and manufacturing within a country.

 

Nigeria’s capital imports for the first nine months of 2023,
comprising Q1 – Q3 totalled $2.82 billion, with $1.13 billion imported in Q1,
$1.03 billion in Q2 and $654.65m in Q3 2023.

 

The number of states that did not record investments dropped
from 28 states in the first half of 2023 to 27 in the first nine months after
Abia attracted a remarkable $150.09 million in Q3 – the only state to witness
such a dramatic turnaround within three months.

 

According to the NBS report, the 27 states that failed to
attract foreign investment in the first nine months of 2023 include:

 

1.      
Bauchi

2.      
Bayelsa

3.      
Benue

4.      
Borno

5.      
Cross River

6.      
Delta

7.      
Ebonyi

8.      
Edo

9.      
Enugu

10.  
Gombe

11.  
Imo

12.  
Jigawa

13.  
Kaduna

14.  
Kano

15.  
Katsina

16.  
Kebbi

17.  
Kogi

18.  
Kwara

19.  
Nasarawa

20.  
Osun

21.  
Oyo

22.  
Plateau

23.  
Rivers

24.  
Sokoto

25.  
Taraba

26.  
Yobe

27.  
Zamfara

LAGOS CONTINUES TO
DRAW CAPITAL EVEN AS OTHERS FALTER

In the review period, Lagos took the lead, outshining others
— including the federal capital territory (FCT) — to top the list of states
that attracted the most investments.

 

Analysis by TheCable Index shows that the country’s major
commercial city attracted $1.79 billion, representing 64 percent of the total
capital inflow into Nigeria.

 

In April, Babajide Sanwo-Olu, governor of Lagos, 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, FCT emerged as the second top
investment destination with $799.21 million — representing 28 percent of the
total capital inflow in the country in the first nine months of the year.

 

Other states that attracted foreign investments in the nine
months are Abia ($150.09 million), Akwa Ibom ($39.13 million), Ogun
(27.09),  and Adamawa ($4.5 million).

 

Anambra attracted $4 million, Niger $1.50 million, $200,000
and Ekiti $38,250.

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