Jan 1, 2024 4:53 AM
Foreign investors did not find any worthy projects to explore in 27 states within the first nine months of 2023, data by the National Bureau of Statistics (NBS) have suggested.

A aerial view of Lagos, Nigeria’s commercial capital. (Photo by PIUS UTOMI EKPEI / AFP)
Foreign investors did not find any worthy projects to explore in 27 states within the first nine months of 2023, data by the National Bureau of Statistics (NBS) have suggested.

This comes as the value of capital importation into Nigeria fell by 34 per cent to $2.82 billion in the first nine months of 2023 from $4.27 billion that was recorded within the period in 2022.

In its capital importation report for the third quarter (Q3) of 2023, the NBS reported that in total, foreign investors snubbed 27 states.

The report noted that Nigeria’s capital imports for the first nine months of 2023, comprising Q1 – Q3 totalled $2.82 billion, with $1.13 billion imported in Q1, $1.03 billion in Q2 and $654.65 million in Q3 2023.

However, there was a silver lining in the damning report as Abia remarkably attracted a whopping $150.09 million in Q3, thereby emerging as the only state that recorded a huge turnaround within three months.

Comparatively, the number of states that did not record investments dropped from 28 states in the first half of 2023 to 27 in the first nine months with Abia coming off the unenviable group.

The report said Lagos emerged as the most attractive space to foreign investors with $1.79 billion which represents 64 per cent of the total foreign investment inflow.

According to the NBS report, FCT emerged as the second top investment destination with $799.21 million representing 28 percent of the total capital inflow in the country in the first nine months of the year.


Apart from Abia, FCT and Lagos, Akwa Ibom attracted $39.13 million; $27.09 million was staked in Ogun while foreign businesses invested $4.5 million in Adamawa.

According to the NBS report, the 27 states that failed to attract foreign investment of any kind in the first nine months of 2023 are Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi and Kogi. Others are Kwara, Nasarawa, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara.

Capital importation provides access to external sources of financing and investment thus helping to fund infrastructure projects, improve productivity, and stimulate economic growth.

Capital importation is said to be important for stimulating economic growth, facilitating technology transfer, accessing new markets, increasing foreign exchange inflows, creating jobs, reducing poverty, and promoting infrastructure and social development.

It is also a key driver of economic development and is often sought after by countries to support their growth and development objectives.

Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

The preference for Lagos by foreign investors and the challenges faced by other states in attracting investment highlight the need for comprehensive strategies to promote balanced economic growth and create favorable conditions for investment throughout Nigeria.

Abia state= God's own state.


Kudos to otti, ndi Abia and the inec REC woman that God used to liberate Abia state.

Soludo should do better

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

Shatap

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

pp


Is Simon Ekpa a Yoruba person ? As if Yorubas ordered the monday sit at home in your region.

Kindly leave Yorubas out of una misfortune in your region.
Awa lagba, Yoruba Lagba.

Most governors are not only clueless, they also lack international connections and are very poor at managing diplomatic relations. How can they attract foreign investment when most of them are local champions; they have little or no friends or influence within the international circle.

This is very questionable, like how those investors especially Food manufacturing industries prefer to import raw materials all the way from far North and North Central only to produce and redistribute back to this axis. No wonder the products even manufactured in this country kept soaring high by day.

Dapson73:


Shatap

You be witch? I can’t comment on what I notice again? No hiding place for witches. I am here to expose all.

Banditry and kidnapping in most states and bad roads and also proximity to importing raw materials through the ports for production, monday seat at home etc.
These and .any more determine why lagos must always be blessed.

Sit-at-home.


One nsala.

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

What kind of nonsensical assertion of a Failure is this?

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

You want to blame Bola Tinubu as usual?

favor914:
What kind of nonsensical assertion of a Failure is this?

I am here to shine the light into every dark corner and hidden places. 2024 is a year of exposure. Every hidden thing and the unknown will be exposed for all to see. I am coming for you. 🫵🏾🫵🏾🫵🏾

favor914:
You want to blame Bola Tinubu as usual?

Every politician is the problem. I am coming for them all.

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

Witchcraft!

SW na baba.

Roboto11:
Sit-at-home.


One nsala.

😂😂😂

BossGerald:
Abia state= God's own state.


Kudos to otti, ndi Abia and the inec REC woman that God used to liberate Abia state.

Soludo should do better

Otti the APC boy learnt and is still learning from the SW.

Abia is coming

Raskimonojendor:

Otti the APC boy learnt and is still learning from the SW.

How is Otti learning from the SW and Oyo,Osun,ondoEkiti refused to learn from the south west , what a paradoxically enriched lies from the pit of hell

kettykin:


How is Otti learning from the SW and Oyo,Osun,ondoEkiti refused to learn from the south west , what a paradoxically enriched lies from the pit of hell

Otti is Tinubu's boy. He jumped on the LP bandwagon to snatch Abia state from the clutch of PDP. Good move.

He was also the first governor aside the Lagos host, to go and lick Tinubu's arse in Ikoyi after the latter's arrival in Lagos for the Christmas break.

ElSudani:


Witchcraft!

Yes. After performing your witchcraft, you now take huge delight in rubbing it in every region’s faces, that only your region has foreign investments. The glee you guys derive from it is so so demonic. Big, big witchcraft spirit. I have more that I can expose o.

Raskimonojendor:

Otti is Tinubu's boy. He jumped on the LP bandwagon to snatch Abia state from the clutch of PDP. Good move.

Otti has never been Tinubu's boy , otti was frustrated in PDP, Apgar, apc until miraculously there was an opportunity in labor party, otti would have lost out if he contested in APC , apc would never have won abia. This is not about vocalizing ignorance

kettykin:


Otti has never been Tinubu's boy , otti was frustrated in PDP, Apgar, apc until miraculously there was an opportunity in labor party, otti would have lost out if he contested in APC , apc would never have won abia. This is not about vocalizing ignorance

Argue with your keypad.

I am sure you 100% agree with Otti's statement below:

Tinubu’s Economic Policies Are Good, Things Will Turn Around With Time – Otti

BloomingDale:
Other states should make themselves attractive and stop promoting Lagos. Promote your states instead. One thing I notice about Yorubas is that they are quick to rush in and demote other states, and promote theirs instead, so that investors will flock to their region. Stop it, it is known as witchcraft.

The only place investors are rushing in in yoruba land is Lagos because dangote, Bua, UBA , konga, jumia is in Lagos. All that will change if they all momentous Abuja or kano

kettykin:


The only place investors are rushing in in yoruba land is Lagos because dangote, Bua, UBA , konga, jumia is in Lagos. All that will change if they all momentous Abuja or kano

Because of Tinubu's policies as Lagos state governor. He created all the Lagos free zone and economic policies that attracted and still attracting massive investors and foreign investment to the state, and at large Nigeria

Raskimonojendor:

Because of Tinubu's policies as Lagos state governor. He created all the Lagos free zone and economic policies that attracted and still attracting massive investors and foreign investment to the state, and at large Nigeria

Dangote ,Bua, uba , zenith and all the mother banks werenin Lagos, doing business, raising money before 1999, infact 2 former bank moguls who contributed so much to Lagos becoming the west African banking Hub are presently governors of Abia and Anambra .

BloomingDale:


Yes. After performing your witchcraft, you now take huge delight in rubbing it in every region’s faces, that only your region has foreign investments. The glee you guys derive from it is so so demonic. Big, big witchcraft spirit. I have more that I can expose o.

This is quite an interesting way to look at it. I can't wait to read more expose from you.
But, if you are from the part of the country where there's a billionaire in every household I don't think foreign investment should be of any concern to you at all.

ElSudani:


This is quite an interesting way to look at it. I can't wait read more expose from you.
But, if you are from the part of the country where there's a billionaire in every household I don't think foreign investment should be of any concern to you at all.

I’m coming for you. No escape. Be ready. 🫵🏾🫵🏾

Raskimonojendor:

Otti the APC boy learnt and is still learning from the SW.

Heeeiyaa, otti na better market na why una dey rush am.

Lol