A whopping 32 States out of 37 states in Nigeria attracted zero capital importation (foreign investments) in the first 9 months of 2024, up from 27 States in the whole of 2023.
This is a according to the latest Capital Importation data from the National Bureau of Statistics (NBS) for the third quarter of 2024.
According to the data, Nigeria attracted $1.2 billion in the third quarter of 2024, when compared to $2.6bn and $3.3bn 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, when compared to $3.9bn 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.
For the 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, 000 so far, with $100k coming in the third quarter of the year and $10, 000 each in the first and second quarter respectively.
Enugu State and Kaduna State only attracted capital inflows in the third quarter of the year, with $180, 000 and $1.95 million respectively.
Other States such as Abia, Akwa Ibom, Anambra, Niger, Ogun, Ondo and Rivers State which attracted inflows in 2023 are yet to attract inflows this year. Meanwhile States like Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, Zamfara are also yet to attract any capital.
The concentration of capital inflows in a handful of states highlights systemic inefficiencies in Nigeria’s investment landscape. Experts say Lagos and the FCT’s dominance reflects their infrastructure, regulatory environment, and economic activities, but it also underscores the neglect of other regions.
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.
