Lagos State received the highest foreign investments of $771.68 million, accounting for 65.38 percent of total capital importation
By Kehinde Okeowo
The National Bureau of Statistics (NBS) has revealed that Lagos, the Federal Capital Territory (FCT) and Rivers are the states with the highest foreign (FI) investments in the fourth quarter of last year (2023).
NBS made this known in the latest Nigeria Capital Importation Q4 2023 report.
Lagos State received the highest foreign investments of $771.68 million, accounting for 65.38 percent of total capital importation, while the total FI rose by 66.77 percent on a month-to-month basis to $1,060.73,
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The centre of Excellence was followed by the nation’s capital, Abuja (FCT) with $370.80 million representing, 34.07 percent, while Rivers State came third with US$6.00 million representing 0.55 per cent.
The three states recorded similar feats in Q3 2023, however, the latest report shows that foreign investors’ confidence was boosted during the fourth quarter.
In the third quarter of 2023, foreign investors snubbed 27 states as the value of capital importation into Nigeria fell by 34 percent to $2.82 billion in the first nine months of 2023, from $4.27 billion in the same period last year.
Nigeria’s capital imports for the first nine months of 2023, comprising Q1 – Q3 totalled $2.82 billion, with $1.13 billion imported in Q1, $1.03 billion in Q2 and $654.65m in Q3 2023.