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The value of capital importation into Nigeria fell by 34% to US$2.82 billion in the first nine months of 2023 from US$4.27 billion recorded for the same period in 2022
Data released by the National Bureau of Statistics (NBS), Nigeria indicate that foreign investors did not invest in projects in 27 states in the first nine months of 2023. As a result, the value of capital importation into Nigeria fell by 34% to US$2.82 billion in the first nine months of 2023 from US$4.27 billion recorded for the same period in 2022.
This data is contained in the capital importation report for the third quarter (Q3) of 2023 released by the NBS for 27 states. The report further says that foreign capital flows decelerated during the year. Nigeria’s capital imports for the first nine months of 2023, comprising Q1 – Q3 aggregated US$2.82 billion, with US$1.13 billion imported in Q1, US$1.03 billion in Q2, and US$654.65 million in Q3 2023.
However, the State of Abia bucked the trend. The state has attracted a whopping US$150.09 million in Q3, thereby emerging as the only state that recorded a huge turnaround within three months. Lagos emerged as the most attractive space to foreign investors with US$1.79 billion which represents 64 per cent of the total foreign investment inflow. FCT emerged as the second top investment destination with US$799.21 million representing 28 percent of the total capital inflow in the country in the first nine months of the year, while Akwa Ibom attracted US$39.13 million; US$27.09 million was staked in Ogun while foreign businesses invested US$4.5 million in Adamawa.
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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.
