31 STATES RECORD ZERO FOREIGN INVESTMENT IN FIRST QUARTER OF 2024

31 STATES RECORD ZERO FOREIGN INVESTMENTS IN FIRST QUARTER OF 2024

Data released by the National Bureau of Statistics (NBS) has shown that 31 states failed to receive any capital importation in the first quarter of 2024.

The 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, Osun, Ondo, Oyo , Plateau, Sokoto, Taraba, Yobe, Zamfara.

Data review shows that the federal capital territory received the sum of $593.58 million as capital importation while Lagos got $2.7billion and Ekiti $1million.

Foreign direct investment in the first quarter also dropped compared to that of the last quarter of 2023.

The foreign direct investment figure of 2024 as of q1, stood at $119 million while that of q4, 2023, was $183.97 million.

It should be recalled that SaharaReporters review of capital importation data shows that in the 2023 fiscal year, only nine states received any form of capital importation out of Nigeria’s 36 states.

Lagos State led the pack with $2.5 billion capital importation followed by the federal capital territory, $1.1 billion.

Other states that received some form of capital importation are Ogun, Abia, Federal Capital Territory, Akwa-Ibom, Rivers, Ekiti, Adamawa and Anambra .

In a related development, investment in sectors such as banking dropped from $2 billion to $831 million in 2023.

Investment in Telecommunications also dropped from $456 million in 2022 to $133 million in 2023.

Recently, ShopRite closed a major mall in the heart of Abuja, citing business climate and financial constraints.Other companies have also exited the country citing business landscape and unfavorable financial conditions.