Monday , January 17 2022

Lagos State Attracts 87% of Nigeria’s Foreign Investment – CBN



…As 21 States Attract Zero Investment in 4 months

Lagos State has once again top the list of states that attract fresh investment to Nigeria’s economy.

Contained in the Capital importation report obtained from the Central Bank of Nigeria (CBN), Lagos attracted 87% of the $6.17 billion investment in the last four months.

The report also disclosed that Lagos state attracted the highest amount of $5.39 billion investments during the period.

According to data obtained, Abuja seconded the list while attracting a total investment inflow of $754.01 million.

Niger State attracted a total investment inflow of $11.60 million. Sokoto State also attracted $2.50 million, while Kaduna State attracted the sum of $1.98 million and Ogun attracted $1.70 million.

Kano and Akwa Ibom states recorded investment inflow of about $700,000 and about $237,000 respectively among others.

However, about 21 states in Nigeria attracted zero investments during the period under review.

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Aside owing to the pandemic effect, the states that failed to attract investments during the period under review also failed to attract any investments in 2019.

Data available in CBN,  Rivers, Ondo, Edo, Sokoto, Oyo, Abia, and Anambra recorded zero capital importation between March and June 2020.

Others are Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Imo, Kastina, Kogi, Kwara, Osun, Oyo, Yobe, and Nassarawa states. This fact is contained in the Capital importation report obtained from the Central Bank of Nigeria, CBN.

The limited investment inflows into some of these states clearly indicate that the states are not really attractive to the investors, even before the pandemic.

Speaking on this, the Managing Partner, FA Consult, Peter Adebayo, explained that the nation’s economy is not attractive enough to pull investments to states that lack the desired viability.

“Most of the investors are scared of insurgencies in the country, though such is limited to some parts of the nation, except for the well-connected investors that are given special attention,” he said.


About Bukola Olanrewaju

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