Daud Olatunji
In a striking demonstration of economic disparity, Lagos and the Federal Capital Territory (FCT) have emerged as the primary destinations for foreign capital in Nigeria for the first quarter of 2024.
According to the National Bureau of Statistics (NBS) report released on Monday, Nigeria attracted a total of $3.38 billion in foreign investments during this period—a staggering 210 percent increase from the $1.09 billion recorded in the previous quarter and a 198.06 percent rise from the $1.13 billion in the same period last year.
The report reveals that Lagos alone accounted for a significant 82 percent of this total, with $2.78 billion in foreign capital inflows.
The FCT followed with $593.58 million, while Ekiti contributed a modest $12,750.
The data revealed that 34 states, including major economic players like Ogun and Oyo, failed to attract any foreign investment between January and March 2024.
The list of these states includes 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, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, Yobe, and Zamfara.
The report also highlights the nature of the foreign capital inflow, with Foreign Portfolio Investment (FPI) leading as the dominant source at $2.08 billion, constituting 61.48 percent of the total investments.
Other investments followed with $1.18 billion, or 34.99 percent, while Foreign Direct Investment (FDI) trailed far behind at just $119.18 million, or 3.53 percent.
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