Lagos, Abuja Attract High Foreign Inflow As 27 States Record Zero

According to the National Bureau of Statistics’ Capital Importation report, Nigeria’s capital importation decreased by 20% from $6.7 billion in 2021 to $5.3 billion in 2022, with 27 states attracting zero foreign investment.

Capital inflows represent foreign investors’ aggregate investment in a domestic economy, divided into three main types: Foreign Direct Investment, Portfolio Investment, and Other Investments.

Lagos State attracted the most investment, receiving $3.59 billion. Abuja, the Federal Capital Territory, came in second place, attracting $1.62 billion in 2022. Although minimal, other states that received foreign investment included Akwa Ibom, Anambra, Ekiti, Enugu, Katsina, Kogi, Oyo, and Plateau State.

Only six states received $1.57 billion in capital importation in the first quarter. Abuja, Anambra, Katsina, Lagos, Oyo, and Plateau were the states that received investment.

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In the second quarter, cumulative capital inflows reached $1.54 billion. Lagos attracted the most capital at $1.05 billion, followed by Abuja at $453.95 million, Anambra at $24.71 million, Kogi at $2 million, and Ekiti at $500,000.
In Q3 2022, the total value of capital importation into Nigeria was $1.1 billion, while in Q4, nine states, including the FCT, attracted $1.06 billion.

Abia, Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Gombe, Imo, Jigawa, Kaduna, and Kebbi states did not attract any foreign investments in 2022. Nasarawa, Kwara, Kano, Niger, Ogun, Ondo, Osun, Rivers, Sokoto, Taraba, Yobe, and Zamfara states also failed to attract foreign investments.

The United Kingdom, the United States, and South Africa were the top three destinations for capital inflows into Nigeria in 2022.