The latest report from the National Bureau of Statistics (NBS) reveals that 32 out of Nigeria’s 36 states, along with the Federal Capital Territory (FCT), failed to attract any foreign investments during the first nine months of 2024. This marks an increase from 27 states recording zero foreign inflows in the entirety of 2023.
According to the NBS Capital Importation data for the third quarter of 2024, Nigeria’s total foreign capital inflow dropped significantly by 51.9% from $2.6 billion in the second quarter to $1.25 billion in the third quarter.
Despite this quarterly decline, the total capital importation for the first nine months of 2024 amounted to $7.1 billion, a sharp rise compared to $3.9 billion recorded in the whole of 2023.
The uneven distribution of foreign investments remains a concern. Lagos State accounted for the majority of capital inflows, attracting $4.6 billion during the period, followed by the FCT with $2.39 billion.
Other contributions were modest: Ekiti received $120,000, while Enugu and Kaduna attracted $180,000 and $1.95 million, respectively, all in the third quarter.
States like Rivers and Bayelsa, despite their economic significance as oil producers, failed to secure any foreign investments. Similarly, no inflows were recorded in states such as Gombe, Ebonyi, and Zamfara, among others.
