Foreign investors snubbed 26 States as the value of capital importation into Nigeria reached $2.60bn in the second quarter of 2024.
Capital importation is foreign investments into a nation’s economy and is necessary for economic growth as it enables rapid investment.
They are made up of three categories — Portfolio Investment, Foreign Direct Investment (FDI), and other investments.
It can also be explained as bringing in capital from abroad to fuel investment, trade, and manufacturing within a country.
According to latest capital importation report for the second quarter of 2024 released by the National Bureau of Statistics, there was a robust increase of 152.81 per cent year-on-year compared to $1.03bn in Q2 2023.
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In the review period, Lagos took the lead, outshining others — including the federal capital territory (FCT) — to top the list of states that attracted the most investments.
Lagos maintained its position as the leading destination for capital importation, attracting $1.37bn, or 52.52 per cent of total inflows.
Abuja received $1.24bn, which accounted for 47.48 per cent of the total.
The 26 States with no foreign investments from Q2 2023 to Q2 2024 are listed below:
1. Bauchi
2. Bayelsa
3. Benue
4. Borno
5. Cross River
6. Delta
7. Ebonyi
8. Edo
9. Enugu
10. Gombe
11. Imo
12. Jigawa
13. Kaduna
14. Kano
15. Katsina
16. Kebbi
17. Kogi
18. Kwara
19. Nasarawa
20. Osun
21. Oyo
22. Plateau
23. Sokoto
24. Taraba
25. Yobe
26. Zamfara