Lagos, FCT attracted $3bn foreign investments in Q1 2024 | 34 states recorded zero

The National Bureau of Statistics (NBS) says two states and the Federal Capital Territory (FCT) contributed to the country’s capital importation in the first quarter (Q1) of 2024.

In a report on Monday titled ‘Nigeria Capital Importation Q1 2024,’ NBS said the country recorded $3.38 billion in foreign investments, up from $1.09 billion reported in Q4 2023.

This represents a 210 percent quarter-on-quarter increase.

On a year-on-year basis, the bureau said capital importation rose by 198.06 percent from $1.13 billion recorded in Q1 2023.

Also, according to the report, with over $2.78 billion recorded, Lagos accounted for 82 percent of the total foreign capital inflow into Nigeria.

FCT followed with $593.58 million and Ekiti recorded $12,750.

TheCable Index analysis showed that 34 states did not generate any foreign investment between January and March 2024.

STATES THAT FAILED TO ATTRACT FOREIGN INVESTMENTS IN Q1 2024

• Abia
• Adamawa
• Akwa Ibom
• Anambra
• Bauchi
• Bayelsa
• Benue
• Borno
• Cross River
• Delta
• Ebonyi
• Edo
• Enugu
• Gombe
• Imo
• Jigawa
• Kaduna
• Kano
• Katsina
• Kebbi
• Kogi
• Kwara
• Nasarawa
• Niger
• Ogun
• Ondo
• Osun
• Oyo
• Plateau
• Rivers
• Sokoto
• Taraba
• Yobe
• Zamfara

Also, the NBS report showed that foreign portfolio investment (FPI) was the top source of capital importation with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.

FDI recorded the least with $119.18 million (3.53 percent) in Q1 2024.