Only 3 Nigerian states attracted foreign investment in Q1 2024 – NBS

National Bureau of Statistics (NBS) has disclosed that only Lagos, the Federal Capital Territory (FCT) and Ekiti attracted capital importation in the first quarter of 2024.

Lagos State led with $2,782.41 million, constituting 82.42% of the total $3,376.01 million imported during the period.

Following Lagos, Abuja, FCT, attracted $593.58 million (17.58%), while Ekiti State received $0.01 million.

The report indicated that 34 states did not attract any capital importation during this period. Portfolio Investment was the largest category, amounting to $2,075.59 million (61.48%), followed by Other Investments with $1,181.25 million (34.99%). Foreign Direct Investment accounted for $119.18 million (3.53%).

In terms of sectors, the banking sector saw the highest inflow with $2,067.44 million (61.24%), followed by the trading sector at $494.93 million (14.66%), and the production/manufacturing sector at $191.92 million (5.68%).