Foreign investors ignore Kaduna, Imo, others as foreign investment drops

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Kaduna, Imo and 22 other states in Nigeria failed to attract any foreign investment in 2021, according to the latest Nigerian Capital Importation report released by the National Bureau of Statistics (NBS) for the four quarters of 2021.

According to the report, the 24 states include Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau, Sokoto, Taraba, Yobe and Zamfara.

In the report, the value of capital importation into Nigeria fell by 30.78 percent to $6.7 billion in 2021 from $9.68 billion in 2020.

Of the 24 states, Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe and Zamfara also failed to attract foreign investments in the last three years.

Meanwhile, Lagos outshined other states and the federal capital territory (FCT) to top the list of states that attracted the most investments in 2021.

The country’s commercial city attracted $5.8 billion in investment, representing 87 percent of the total capital inflow into the country for the period under review.

The figure is a 30 percent decrease from the $8.31 billion in investments in 2020.

Abuja emerged second top investment destination with $833.4 million — a 34 percent decrease from the $1.27 billion in 2020.

Other states that attracted foreign investments in 2021 are Osun ($29.9 million), Anambra ($4.7 million), Kano ($2.55 million), Oyo ($2.0 million) and Ogun ($1.06 million).

Akwa Ibom follows with $0.74 million, Ekiti ($0.50 million), Kwara ($0.23) million and Abia ($0.01 million), while Rivers and Delta had a $1.0 million investment each in 2021.

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