₦airaland Forum

A total of 32 out of 36 states and the FCT attracted zero capital importation (foreign investment) in the first 9 months of 2024 up from 27 states in the whole of 2023.

This is according to the latest Capital Importation data from the National Bureau of Statistics (NBS) for the third quarter of 2024.

Nigeria’s total Capital Importation for the third quarter (Q3) of 2024 witnessed a 51.90% decline from the previous quarter, falling to $1.25 billion.

This drop, compared to the $2.60 billion recorded in Q2 2024, highlights a sharp contraction in foreign investments despite an overall annual increase of 91.35% from Q3 2023.

According to the data, Nigeria attracted $1.2 billion in the third quarter of 2024 compared to $2.6 billion and $3.3 billion in the second and first quarter of the year respectively.

Total capital importation in the first 9 months of the year totals $7.1 billion compared to $3.9 billion in the whole of 2023.

The significant year-on-year rise in Nigeria’s total capital importation, from $3.9 billion in 2023 to $7.1 billion in 2024, masks the uneven distribution, suggesting that overall growth has failed to translate into widespread economic benefits across states.

The NBS data shows that only Lagos, Ekiti, Enugu, Kaduna and the Federal Capital Territory (FCT) recorded capital importation so far this year.

Lagos State attracted the highest chunk of $4.6 billion followed by the FCT, which recorded $2.39 billion imported in the first 9 months of 2024.

Ekiti State attracted $120 thousand so far with $100 thousand coming in the third quarter of the year and $10 thousand each in the first and second quarter respectively.

Enugu and Kaduna states only attracted capital inflows in the third quarter of the year with $180 thousand and $1.95 million respectively.

Other states like Abia, Akwa Ibom, Anambra, Niger, Ogun, Ondo and Rivers State, which attracted inflows in 2023 are yet to attract inflows this year.

However, states like Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, Zamfara are yet to attract any capital.

Analysts have said Lagos and the FCT’s dominance reflects their infrastructure, regulatory environment, and economic activities as opposed to other states.

The absence of inflows in states with significant natural resources or strategic potential points to deeper challenges, including insecurity, lack of investor confidence, and poor governance.

For instance, oil-producing states such as Bayelsa and Rivers failed to attract capital inflows, despite their importance to Nigeria’s economy.
By
Sunday Michael Ogwu
Mon, 9 Dec 2024 10:26:33 WAT

https://dailytrust.com/32-states-fct-record-zero-foreign-investment-in-2024/

Mba strives in Enugu is yielding results

Foolish thread.

Why are you expecting to see foreign investors in every state?

What we need are local Nigerian investors and we are getting them. People are launching new businesses in all those states on a daily basis.

I don’t know where you people get this idea that foreigners being everywhere in the country is a good idea. Rubbish.

… and some one is busy talking about tax reform bill


They wan turn Nigeria to a joke ..

God punish devil

Ttipsy:
Mba strives in Enugu is yielding results

I hope the Nigerian supreme court are happy with the performance of Hope Uzordinmma in Imo? May God purnish all the Justices that melted is with this evil

Why won't it be zero with these useless economic policies

Ttipsy:
Mba strives in Enugu is yielding results

How?

Topman7:
Foolish thread.

Why are you expecting to see foreign investors in every state?

What we need are local Nigerian investors and we are getting them. People are launching new businesses in all those states on a daily basis.

I don’t know where you people get this idea that foreigners being everywhere in the country is a good idea. Rubbish.

Coming from a daft. The local companies are folding up because of lack of basic amenities. DIESEL is very expensive so how will the operate their factory. Brain dead

Yes they will continue to attract zero investment because all revenues generating avenue is located in Lagos.

Ttipsy:
Mba strives in Enugu is yielding results

Hope that's the case