The National Bureau of Statistics (NBS) has reported that two states and the Federal Capital Territory (FCT) contributed to Nigeria’s capital importation in the first quarter (Q1) of 2024.
In a report titled “Nigeria Capital Importation Q1 2024,” released on Monday, the NBS stated that the country recorded $3.38 billion in foreign investments, a significant increase from the $1.09 billion reported in Q4 2023. This represents a 210 percent quarter-on-quarter increase.
On a year-on-year basis, capital importation rose by 198.06 percent, up from $1.13 billion recorded in Q1 2023.
The report indicated that Lagos accounted for 82 percent of the total foreign capital inflow into Nigeria, with over $2.78 billion recorded. The FCT followed with $593.58 million, while Ekiti recorded $12,750.
According to TheCable, 34 states did not generate any foreign investment between January and March 2024. These states are: 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, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara.
The NBS report also highlighted that foreign portfolio investment (FPI) was the top source of capital importation, amounting to $2.08 billion and accounting for 61.48 percent of the total. Other investments followed with $1.18 billion, representing 34.99 percent. Foreign Direct Investment (FDI) recorded the least, with $119.18 million (3.53 percent) in Q1 2024.
