Full List: Report Shows 32 Nigerian States Ignored By Foreign Investors in Q4, 2023

• About 33 Nigerian states failed to attract foreign investment in the last quarter of 2023 latest capital importation report shows
• The report also revealed that the amount of foreign investments brought into Nigeria dropped by
• Delta, Ebonyi, Edo, Enugu, and Kogi lead the list of states that failed to record a single-dollar investment

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The total value of foreign investment or capital importation into Nigeria stood at US$1.08 billion in the fourth quarter of 2023.

This represents a 2.62% increase when compared to the $1.06 billion recorded in Q4 2022.

Also, the Q4 2023 capital importation is a 66.27% increase from $654.65 million in Q3 2023.

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The figures were captured in the Nigeria Bureau of Statistics (NBS) latest capital importation report released on its website.

Breakdown of Nigeria's capital importation

Analysis of the report revealed that other Investment ranked top, accounting for 54.64% ($594.74 million) of total capital importation in Q4 2023.

This is followed by portfolio investment with 28.46% ($309.76 million) and Foreign Direct Investment (FDI) with 16.90% (US$183.97 million).

While the production/manufacturing sector recorded the highest inflow with US$450.11 million, representing 41.35% of total capital imported in Q4 2023, followed by the banking sector, valued at $283.30 million (26.03%), and financing with US$135.59 million (12.46%).

States with capital importation in Q4, 2023

According to the NBS, Lagos State remained the top destination for capital importation in Q4 2023, with US$771.68 million, accounting for 65.38% of the total capital importation.

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This is followed by Abuja (FCT) with US$370.80 million and Rivers State with US$6.00 million. Ekiti State completed the list of Nigerian states that managed to attract foreign investors, having recorded $10,000.

Here is a list of states without investment in Q4, 2023

• 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
• Sokoto
• Taraba
• Yobe
• Zamfara

States with the highest IGR growth

In another report, Legit.ng provided insight into the Internally Generated Revenue of states in Nigeria over the last six years

The IGR growth is based on the value and percentage increase in revenue generated by the states

IGR indicates an improvement in the economic outlook of states and less dependence on federal allocation

Source: Legit.ng