The National Bureau of Statistics (NBS) says two states and the Federal Capital Territory (FCT) contributed to the country’s capital importation in the first quarter (Q1) of 2024.
In a report on Monday titled ‘Nigeria Capital Importation Q1 2024,’ NBS said the country $3.38 billion in foreign investments, up from $1.09 billion reported in Q4 2023.
This represents a 210 percent quarter-on-quarter increase.
On a year-on-year basis, the bureau said capital importation rose by 198.06 percent from $1.13 billion recorded in Q1 2023.
Also, according to the report, with over $2.78 billion recorded, Lagos accounted for 82 percent of the total foreign capital inflow into Nigeria.
FCT followed with $593.58 million and Ekiti recorded $12,750.
TheCable Index analysis showed that 34 states did not generate any foreign investment between January and March 2024.
STATES THAT FAILED TO ATTRACT FOREIGN INVESTMENTS IN Q1 2024
- Abia
- Adamawa
- Akwa Ibom
- Anambra
- Bauchi
- Bayelsa
- Benue
- Borno
- Cross River
- Delta
- Ebonyi
- Edo
- Enugu
- Gombe
- Imo
- Jigawa
- Kaduna
- Kano
- Katsina
- Kebbi
- Kogi
- Kwara
- Nasarawa
- Niger
- Ogun
- Ondo
- Osun
- Oyo
- Plateau
- Rivers
- Sokoto
- Taraba
- Yobe
- Zamfara
Also, the NBS report showed that foreign portfolio investment (FPI) was the top source of capital importation with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.
FDI recorded the least with $119.18 million (3.53 percent) in Q1 2024. (The Cable)
