Delta, Oyo, Katsina, Others: 28 states with zero foreign investment in Q1 2023

The Nigeria Bureau of Statistics (NBS) has released stats about the total capital importation into Nigeria in Q1 2023.

The agency disclosed the nation was able to attract US$1.13 billion, lower than US$1.57 billion recorded in Q1 2022, indicating a decrease of 28.00%.

The largest capital importation during the period was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023.

This was followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).

Lagos state attracted most of the investment, $704.87 million, representing 62 percent of the total capital inflow into Nigeria.

According to the NBS report, these 28 states listed below failed to attract foreign investment in Q1 2023:

• 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

Disaggregated by Sectors, capital importation into the banking sector recorded the highest inflow of US$304.56 million, representing 26.89% of total capital imported in Q1 2023.

This was followed by capital imported into the production sector, valued at US$256.12 million (22.61%), and IT Services with US$216.06 million (19.08%).

Capital Importation by Country of Origin reveals that capital from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47%.

This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56%) and US$95.36 million (8.42%) respectively.

By Destination of Investment, Lagos state remained the top destination in Q1 2023 with US$704.87 million, accounting for 62.23% of total capital investment in Nigeria.

This was followed by Abuja (FCT), valued at US$410.27 million (36.22%).

Categorization of Capital Importation by Banks shows that Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (37.45%).

This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (31.81%) and Stanbic IBTC Bank with US$151.85 (13.41%).