The Digest:
In a sharp contrast to the 215% rise in capital importation, 32 Nigerian states, including Abia, Delta, and Ogun, attracted no foreign investments in 2024. The National Bureau of Statistics' report reflects Nigeria's investment challenges despite overall growth.
Key Points:
- 32 states did not receive foreign investments in 2024, including Abia, Delta, Ogun, and others.
- Eight states—Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, and Zamfara—have failed to attract any foreign capital between 2019 and 2024.
- Capital importation grew 215%, reaching $12.32 billion from $3.91 billion in 2023.
- The Federal Capital Territory (FCT) overtook Lagos as the top investment destination with $3.04 billion, accounting for 54.11% of total foreign investments.
- Lagos followed with $2.56 billion (45.44%), while Ogun attracted only $7.95 million (0.16%).
- Other states with minimal investments include Oyo ($7.81 million), Kaduna ($4.06 million), and Kano ($117,000).
The stark contrast between rising capital importation and the absence of foreign investments in certain states highlights Nigeria's uneven economic landscape.
Sources: NBS, TheCable Index, Punch
