28 Nigerian states have neglected to draw in foreign investment in the first quarter of 2023, the Public Agency of Measurements (NBS) uncovered.
Gist legit reports that NBS said Nigeria’s capital inflows developed by 6.78 percent in the first quarter of 2023 without the aid of 28 states.
The report held that imported capital reached $1.13 billion, up from $1.06 billion in the first quarter of 2022.
The following 28 states failed to attract foreign investment in the first quarter of 2023, according to the NBS report:
- Abia
- Bauchi
- Bayelsa
- Benue
- Borno
- Cross River
- Delta
- Ebonyi
- Edo
- Enugu
- Gombe
- Imo
- Jigawa
- Kaduna
- Kano
- Katsina
- Kebbi
- Kogi
- Kwara
- Nasarawa
- Osun
- Oyo
- Plateau
- Rivers
- Sokoto
- Taraba
- Yobe
- Zamfara
In the first quarter, Lagos came out ahead of other states and the Federal Capital Territory (FCT) to top the list of states attracting the most investment.
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The examination showed that the nation’s significant business cities pulled in $704.87 million or 62 percent of the all out capital inflows in Nigeria.
Recently, Lagos Governor Babajide Sanwo-Olu reassured investors that the nation was “the crown subnational jewel of the African economy.” and that it was a good place to invest.
Sanwo-Olu said that in financial technology, educational technology, medical technology, Business Process Outsourcing (BPO) talent training and placement, and physical infrastructure like data centers could all be invested in in Lagos.
In the meantime, the NBS report said that with $410.27 million, the FCT was the second largest investment place to invest, bringing in 36% of the country’s total capital.
In the first quarter of 2023, Akwa Ibom received $5.21 million, Adamawa received 4.5 million, Anambra received $4 million, and Ogun received 2.09 million.
With a total of $1.5 million, Niger, Ondo, and Ekiti topped the list.
