Despite a remarkable surge in capital importation into Nigeria, 32 states—including Abia, Delta, and Ogun—failed to attract any foreign investments throughout 2024, according to the latest data released by the National Bureau of Statistics (NBS).
The report, titled Capital Importation Report for Q1 2025, revealed that total foreign capital inflow into the country soared by 215 percent, rising from $3.91 billion in 2023 to $12.32 billion in 2024.
This increase reflects renewed global interest in Nigeria’s economy, driven largely by investments in sectors such as financial services, manufacturing, and telecommunications.
However, the gains were disproportionately distributed, with most states completely excluded from the investment map.
According to the NBS data, only the Federal Capital Territory (FCT) and six other states recorded any capital inflow, leaving 32 states without a single dollar in foreign investment during the entire year.
These states include major economic zones such as Abia, Delta, Ogun, Akwa Ibom, Enugu, Rivers, Benue, and Kano, among others.
More alarmingly, the report revealed that eight of these states—Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, and Zamfara—have consistently failed to attract foreign investments for the past six years, from 2019 to 2024.
This persistent drought in capital importation raises concerns about investor confidence, state-level economic policies, security challenges, and ease of doing business in these regions.
In a significant shift, Abuja overtook Lagos as the leading destination for foreign capital in Q1 2025. According to an analysis by TheCable Index, the Federal Capital Territory attracted $3.04 billion, accounting for 54.11 percent of the total capital imported into the country during the period.
Lagos, Nigeria’s traditional investment hub, followed closely with $2.56 billion, representing 45.44 percent of total inflows.
The two centres alone accounted for over 99 percent of all capital importation into Nigeria in the first quarter of the year, underscoring the heavy concentration of foreign investments in just a few locations.
Meanwhile, states like Ogun, despite their industrial profiles and proximity to Lagos, managed only $7.95 million (0.16 percent), reflecting a significant underperformance when compared with their economic potential.
Other states that managed to attract capital inflow include: Oyo – $7.81 million ; Kaduna – $4.06 million ; Kano – $117,000 ; and Ekiti – $4,250
These figures illustrate the steep imbalance in the distribution of foreign investments across the country.
Economists and development experts have described the trend as worrisome, warning that the lopsided nature of capital importation could worsen regional inequalities and slow down inclusive growth.
According to Dr. Tunde Oyekanmi, a development economist based in Abuja, “The report exposes the structural weakness in Nigeria’s subnational economies.
Foreign investors are not only avoiding the conflict-ridden states in the North but also neglecting resource-rich and industrialised states in the South due to poor infrastructure, policy inconsistency, and insecurity.”
He added that the ability of Lagos and Abuja to continuously attract large capital inflows is linked to better policy environments, stronger institutions, and more predictable legal frameworks.
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