₦airaland Forum

Lagos Tops Destination for FDI
in Second Quarter
James Emejo in Abuja 


Lagos State accounted for over 99 per cent of all capital
imported into the country in the second quarter of the year,
according to the investment data provided by the National
Bureau of Statistics (NBS) monday.
Inflows to the state stood at $2.663 billion, representing 99.90
per cent of the total $2.666 billion recorded for the whole
country in the period.
Capital importation to the state grew on a quarterly basis by
more than the overall total at $17.78 million or 0.67 per cent in
Q2.
However, year-on-year, inflows were down by $3.044 billion or
53.33 per cent relative to the overall decline in capital
imported.
The statistical agency stated that every other state with positive
capital importation in the previous quarter recorded a decline
in the quarter under review.
It said the greatest absolute quarterly decline was observed in
Akwa Ibom, which recorded $0.50 million in Q2, representing
a $10.96 million or 95.68 per cent decline compared to $11.45
million in Q1. Year-on-year, inflows to the state declined by
24.99 per cent or $164.94 million.
The Federal Capital Territory (FCT), Abuja also saw a decline
in capital imports in the period in review at $1.27 million,
down by $0.22 million or 14.66 per cent from the preceding
quarter and as much as $2.71 million or 68.12 per cent year-on-
year.
According to the NBS, the banking sector overtook the
financing segment in the business category as the second
greatest value of capital imported, increasing by $246.02
million or 214.14 per cent compared from Q1 inflows.
It reached the greatest value recorded since Q2 2013 at
$360.92 million or 13.54 per cent of the total, up from the 4.30
per cent it recorded in Q1. From Q2 2014, banking inflows were
greater by $169.81 million or 88.86 per cent.
Financing, on the other hand, recorded the greatest absolute
declines in inflows, dropping $716.95 million or 93.90 per cent
quarter-on-quarter and reaching its lowest value in the series.
Its share of the total capital importation dropped from 28.58
per cent in Q1 2015 to only 1.75 per cent in Q2. Year-on-year,
financing inflows declined by $676.60 million or 93.56 per
cent, according to the NBS.
Capital imported for the telecommunications sector remained
the third greatest source of inflows, representing 5.19 per cent
of the total. Year-on-year, it was still greater by $76.74 million
or 124.46 per cent.
But it declined by $198.47 million or 58.92 per cent from the
preceding quarter. This was despite the steady decline from its
Q4 2014 peak of $769.92 million.
The NBS further stated that the greatest increase in inflows
came from electrical businesses which was greater by $72.52
million or 8,689.26 per cent in Q2, up from $0.83 million in Q1
to reach $73.39 million or 2.75 per cent of the total inflows.
Year-on-year, the rise was marginally lower by $71.59 million
or 3,994.55 per cent.


http://www.thisdaylive.com/articles/lagos-tops-destination-for-fdi-in-second-quarter/219677/?utm_source=twitterfeed&utm_medium=twitter

Lagos no dey carry last..

hmmm

Unfortunately the selected few squandered the benefits.

That's great, I want Lagos State to be at the forefront for fiscal federalism.

And some people say Akwa ibom is a competitor to Lagos??

Even Abuja with all the money forced into it through corruption.

Ambode sef

ba7man:
And some people say Akwa ibom is a competitor to Lagos??

Even Abuja with all the money forced into it through corruption.

just wait for it,if this present gov of akwa lbom increases the gains of akpabio Lagos state might have a full fight on its hands!

However, year-on-year, inflows were down by $3.044 billion or
53.33 per cent relative to the overall decline in capital
imported.

OP:
However, year-on-year, inflows were down by $3.044 billion or
53.33 per cent relative to the overall decline in capital
imported.

Bad news: capital inflow dropped by 53.3%.. This economy keeps heading south.