Lagos, FCT attracted $3 Billion foreign investments in Q1 2024

The National Bureau of Statistics (NBS) says two states and the Federal Capital Territory (FCT) contributed to the country’s capital importation in the first quarter (Q1) of 2024.

In a report on Monday titled ‘Nigeria Capital Importation Q1 2024,’ NBS said the country recorded $3.38 billion in foreign investments, up from $1.09 billion reported in Q4 2023.

This represents a 210 percent quarter-on-quarter increase.

On a year-on-year basis, the bureau said capital importation rose by 198.06 percent from $1.13 billion recorded in Q1 2023.

Also, according to the report, with over $2.78 billion recorded, Lagos accounted for 82 percent of the total foreign capital inflow into Nigeria.

FCT followed with $593.58 million and Ekiti recorded $12,750.

TheCable Index analysis showed that 34 states did not generate any foreign investment between January and March 2024.

STATES THAT FAILED TO ATTRACT FOREIGN INVESTMENTS IN Q1 2024

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
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Also, the NBS report showed that foreign portfolio investment (FPI) was the top source of capital importation with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.

FDI recorded the least with $119.18 million (3.53 percent) in Q1 2024.