A recent data review from the National Bureau of Statistics (NBS) revealed significant disparities in capital importation across Nigeria. The Federal Capital Territory (FCT) received $593.58 million, Lagos $2.7 billion, and Ekiti $1 million in the first quarter of 2024.
The data highlighted that 31 states, including 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, Osun, Ondo, Oyo, Plateau, Sokoto, Taraba, Yobe, and Zamfara, received no capital importation.
Additionally, foreign direct investment (FDI) for Q1 2024 saw a sharp decline to $119 million from $183.97 million in Q4 2023.
A review of 2023 capital importation data by SaharaReporters revealed that only nine states received capital importation throughout the fiscal year. Lagos led with $2.5 billion, followed by the FCT with $1.1 billion. Other states that received investments were Ogun, Abia, Akwa Ibom, Rivers, Ekiti, Adamawa, and Anambra.
Investment in banking sectors dropped from $2 billion in 2022 to $831 million in 2023, while telecommunications investment fell from $456 million to $133 million in the same period. This challenging business environment has led major companies like ShopRite to close significant locations in Abuja and other firms to exit Nigeria entirely.
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