Lagos now enmeshed in myopia fails to attract top dollar while it recoils into nativism
By Jeph Ajobaju, Chief Copy Editor
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“Out of the five states that recorded capital importation during the quarter, Abuja (FCT) remained the top destination with US$3047.45 million, accounting for 54.11 percent of the total capital imported.
“Lagos State followed with US$2564.68 million (45.44 percent), and Ogun State with US$7.95 million (0.14 percent)” – NBS.
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Lagos for the first time in years lost its top spot for capital inflow as it attracted $2564.68 million foreign investment in the first quarter of 2025 (Q1 2025), sliding into second place behind the Federal Capital Territory (FCT), Abuja which garnered $3047.45 million, according to the latest figures released by the National Bureau of Statistics (NBS).
The decline in capital inflow to Nigeria’s richest state, which makes more than N100 billion internally generated revenue per month, coincides with the scaring away of its vital resource base – being home to everyone, locals and foreigners – and recoiling into tribalism, which has heightened since the general election in 2023.
Lagos was once like Atlanta in the United States – a place too busy making money to hate anyone.
But that began to change rapidly in 2023 when Yoruba natives-turned-thugs physically prevented non-Yorubas from voting in the governorship election (with police officers standing by doing nothing to stop it) after Peter Obi carried the state in the presidential vote two weeks earlier.
Other forms of discrimination have since escalated against non-natives – including Obi’s brother’s legitimate property being demolished in Ikeja last month and the flattened plot of land still being occupied by land grabbers as of this week, without any reason and without lawful court order.
These acts of recoil into nativism culminated in the ongoing renaming of streets in the Lagos metropolis from non-Yoruba to Yoruba.
Whereas Lagos gets its development vibe and energy from Nigerians from everywhere (example, Africa’s richest man Aliko Dangote, born in Kano) and from other countries’ nationals (example, Gilbert Chagoury, born to Lebanese parents in Lagos where he was raised, invested, and became another billionaire).
Other the other hand, nativism is not so strong in Abuja, a place the late Head of State Murtala Mohammed created as capital city in 1976 for all Nigerians and everyone else to feel at home without discrimination.
Overall capital inflows into Nigeria surged 67.12 per cent year-on-year (YoY) to $5.6 billion in Q1 2025 compared with $3.4 billion in Q1 2024.
The NBS explained that the capital inflow surge reflects a 10.86 per cent rise from the $5.1 billion reported in Q4 2024.
“In Q1 2025, total capital importation into Nigeria stood at US$5642.07 million, higher than the US$3376.01 million recorded in Q1 2024, indicating an increase of 67.12%.
“In comparison to the preceding quarter, capital importation increased by 10.86% from US$5089.16 million in Q4 2024,” the report said
Portfolio investment ranked top with $5.2 billion, accounting for 92.25 per cent, followed by other investment with $311.17 million (5.52 per cent).
The FCT and Lagos received the highest capital importation in Q1 2025.
“Out of the five states that recorded capital importation during the quarter, Abuja (FCT) remained the top destination with US$3047.45 million, accounting for 54.11 percent of the total capital imported. Lagos State followed with US$2564.68 million (45.44 percent), and Ogun State with US$7.95 million (0.14 percent).
“Others were Oyo and Kaduna States with US$7.81 million and 4.06 million, respectively.”
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