Lagos Records Highest As 28 States Attract Zero Foreign Investments In 2023 Q1 (See Full List)

28 states failed to attract capital importation in the first quarter of 2023, according to the new Foreign Direct Investment data released by the National Bureau of Statistics (NBS).

Out of the 36 states and the Federal Capital Territory, only Lagos, Abuja, Adamawa, Akwa Ibom, Anambra, Ekiti, Ogun, Ondo, and Niger witnessed capital inflows.

Cumulative capital inflows totalled $1.13bn. Lagos ($704m) attracted the most capital in the period under review, followed by Abuja at $410.27m and Akwa Ibom $5.21m.

Adawama attracted $4.50m, Anambra $4m, Ogun $2.09m, Niger $1.50m, Ondo $0.20m, and Ekiti $0.01m.

The report read, “By destination of investment, Lagos State remained the top destination in Q1, 2023 with $704.87m, accounting for 62.23 per cent of total capital investment in Nigeria. This was followed by Abuja, valued at $410.27m (36.22 per cent).”

The NBS disclosed that there was a 28 per cent decrease in total capital importation when compared to the first quarter of 2022.

28 states attracted zero foreign investments in Q1 2023

1. Abia
2. Bauchi
3. Bayelsa
4. Benue
5. Borno
6. Cross River
7. Delta
8. Ebonyi
9. Edo
10. Enugu
11. Gombe
12. Imo
13. Jigawa
14. Kaduna
15. Kano
16. Katsina
17. Kebbi
18. Kogi
19. Kwara
20. Nasarawa
21. Osun
22. Oyo
23. Plateau
24. Rivers
25. Sokoto
26. Taraba
27. Yobe
28. Zamfara