In the first nine months of 2024, 32 of Nigeria’s 36 states, along with the Federal Capital Territory (FCT), recorded no foreign investment, according to data from the National Bureau of Statistics (NBS). This marked an increase from 27 states in 2023.
The report highlighted a sharp decline in capital importation in the third quarter of 2024, dropping 51.9% to $1.25 billion compared to the previous quarter. Despite an annual surge from $3.9 billion in 2023 to $7.1 billion in 2024, the gains were unevenly distributed. Only Lagos, Ekiti, Enugu, Kaduna, and the FCT attracted foreign investments.
This disparity underscores the limited economic benefits of Nigeria’s overall growth across states.
