Foreign investments drop to $5.3bn, 27 states abandoned

The National Bureau of Statistics (NBS) on Tuesday said foreign investment in Nigeria decreased to $5.3 billion in 2022 compared to the $6.7 billion recorded in the previous year.

NBS disclosed this in its latest capital importation report published on Tuesday.

A breakdown of the report reveals that in the first quarter, Nigeria received N1.57 billion in foreign investment, followed by N1.53 billion in the second quarter and N1.15 billion in the third quarter.

The fourth quarter saw a decline in foreign investment, with a value of N1.06 billion. In terms of state-by-state analysis, Lagos State attracted the most investment with $3.59 billion, followed by the Federal Capital Territory, Abuja, which attracted $1.62 billion.

Other states which attracted foreign investments in 2022, although minimal, included Akwa Ibom, Anambra, Ekiti, Enugu, Katsina, Kogi, Oyo and Plateau state.

Read also:NBS report shows Nigeria exported cigarettes worth N57bn in 2022

In the first quarter, only six states attracted a total of $1.57bn as capital importation. The states included – Abuja, Anambra, Katsina, Lagos, Oyo, and Plateau.

In the second quarter, cumulative capital inflows totalled $1.54bn. Lagos ($1.05bn) attracted the most capital in the period under review, followed by Abuja, at $453.95m; Anambra, at $24.71m; Kogi, at $2m; and Ekiti, at $500,000.

Meanwhile, twenty-seven (27) states in Nigeria suffered a huge blow, as foreign investors abandoned them.

The states include Abia, Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Gombe, Imo, Jigawa, Kaduna and Kebbi states failed to attract any foreign investments in 2022.

Others also in that category are – Nasarawa, Kwara, Kano, Niger, Ogun, Ondo, Osun, Rivers, Sokoto, Taraba, Yobe and Zamfara states.

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