KEY POINTS
- The capital imported in Nigeria amounted to $2.60bn in Q2 2024, an increase of 152.81% year on year.
- It revealed that foreign investments were received only by Lagos and Abuja while other 26 states reported none.
- Oyo, Zamfara and twenty-four other states did not record any foreign investment in the last one year.
According to the report revealed Tuesday by the National Bureau of Statistics, NBS, 26 out of the 36 states in the country received no Foreign Direct Investment, FDI between Q2 2023 – Q2 2024.
Although Nigeria’s capital importation increased to $2.60 billion in Q2 2024, a 152.81% increase from $1.03 billion in the Q2 2023, states such as Oyo, Zamfara and others remain unattractive to foreign investors.
Lagos State also led the recipients of the foreign investment, receiving $1.37 billion and representing 52.52% of the total investments, while Abuja received $ 1.24 billion and 47.48%.
These two regions show that the foreign capital remains concentrated in some regions while other states remain in a difficult situation with their attempts to attract foreign investments.
States with no foreign investments in quarter two of the year 2024
The 26 states that attracted no foreign capital from Q2 2023 to Q2 2024 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. Sokoto
24. Taraba
25. Yobe
26. Zamfara
According to The Punch, The report emphasized the fact that higher investment incentives must be provided along with economic diversification to enhance the appeal of these states in attracting foreign investment.
