Lagos, FCT recorded $3bn foreign direct investment in Q1, 34 states attracted none

The National Bureau of Statistics (NBS) has revealed that only Lagos and the Federal Capital Territory (FCT), Abuja, contributed to Nigeria’s capital importation in the first quarter (Q1) of 2024.

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

The massive jump 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.

The report identified that 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.

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

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.



Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button