Nine-Month Review 27 States Document No Foreign Investments In Recent Report

A recent National Bureau of Statistics (NBS) report has unveiled that, during the initial nine months of 2023, a concerning 27 states in Nigeria failed to attract any foreign investments. This data signifies a marginal reduction from the preceding half-year, wherein 28 states recorded zero foreign investments……CONTINUE READING

The states that struggled to entice foreign investments in the first three quarters of 2023 are as follows:

1. Bauchi
2. Bayelsa
3. Benue
4. Borno
5. Cross River
6. Delta
7. Ebonyi
8. Edo
9. Enugu
10. Gombe
11. Imo
12. Jigawa
13. Kaduna
14. Kano
15. Katsina
16. Kebbi
17. Kogi
18. Kwara
19. Nasarawa
20. Osun
21. Oyo
22. Plateau
23. Rivers
24. Sokoto
25. Taraba
26. Yobe
27. Zamfara

The report underscores the tepid interest exhibited by foreign investors in these states, contributing to a significant 34% decline in the overall value of capital importation into Nigeria. According to the NBS’s latest capital importation report for Q3 2023, the total capital imports amounted to $2.82 billion, reflecting a decrease in comparison to prior quarters.

During the first nine months of 2023, the breakdown of capital imports delineates $1.13 billion in Q1, $1.03 billion in Q2, and $654.65 million in Q3. This capital infusion from overseas plays a crucial role in supporting various economic sectors, including investment, trade, and manufacturing activities within the country.

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