… As capital importation dips 20%
A total of 27 states attracted zero foreign investments in 2022, as Nigeria’s capital importation dropped by 20 per cent from the $6.7bn recorded in 2021 to $5.3bn in 2022.
This disclosure is from Nigeria’s Capital Importation report published by the National Bureau of Statistics.
They are divided into three main investment types – Foreign Direct Investment, Portfolio Investment and Other Investments, each comprising various sub-categories.
According to the NBS, the top destinations that attracted the most investments in 2022 were Lagos State ($3.59bn), and the Federal Capital Territory, Abuja ($1.62bn).
Other states which attracted foreign investments in 2022, although minimal, included Akwa Ibom, Anambra, Ekiti, Enugu, Katsina, Kogi, Oyo and Plateau state.
In the first quarter, only six states attracted a total of $1.57bn as capital importation. The states included – Abuja, Anambra, Katsina, Lagos, Oyo, and Plateau.
In the second quarter, cumulative capital inflows totalled $1.54bn. Lagos ($1.05bn) attracted the most capital in the period under review, followed by Abuja, at $453.95m; Anambra, at $24.71m; Kogi, at $2m; and Ekiti, at $500,000.
The total value of capital importation into Nigeria in Q3 2022 stood at $1.1bn, while in Q4, a total of nine states, including the FCT, attracted a total of $1.06bn.
The likes of – Abia, Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Gombe, Imo, Jigawa, Kaduna and Kebbi states failed to attract any foreign investments in 2022.
Others also in that category are – Nasarawa, Kwara, Kano, Niger, Ogun, Ondo, Osun, Rivers, Sokoto, Taraba, Yobe and Zamfara states.
The top three destinations of capital inflows into the country in 2022 were the – the United Kingdom, the United States and South Africa.