Full List: Delta, Imo, 26 Other Nigerian States With Zero Foreign Investments in 2023

• Nigeria’s capital importation report for the first six months of 2023 has been published by the National Bureau of Statistics
• According to the report, the amount of capital brought into Nigeria during the first half fell by 30 percent year-on-year
• The report also showed that Delta, Ebonyi, Edo, Enugu and 24 other states failed to record a single dollar investment

The National Bureau of Statistics (NBS) has revealed that Nigeria recorded capital importation of $2.16 billion from January to June 2023.

This represents a 30 percent drop when compared to $3.11 billion recorded in the same period of 2022.

The NBS disclosed this in the second quarter capital importation report, published over the weekend.

Checks by Legit.ng show that in the first quarter of 2023(January to March) was $1.13 billion while $1.03 billion was reported in the second quarter(April to June).

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Key highlights of Nigeria's foreign investments in first half of 2023

Capital importation (investments) has three main categories: foreign direct investment (FDI), portfolio investment, and other investments.

Analysis shows that FDI, which occurs when a foreign entity invests in a business in another country, attracted $133.63 million to Nigeria.

In the first quarter, $47.60 million was reported, while $86.03 million in FDI came into the country in the second quarter of 2023.

Portfolio investment, which includes investments in financial instruments like stocks and bonds, amounted to $756.13 million in the first six months.

In Q1 2023, $649.28 million was reported, while Q2 2023 saw $106.85 million reported.

Regarding other investments, which encompass trade credits, loans, and currency deposits, the NBS reported a total of $1.27 billion.

Of this amount, $435.76 million was in the first quarter, while $837.34 million was reported in the second quarter.

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States' foreign investment performance in 2023

According to the NBS report, only 8 states including federal capital territory attracted foreign investment while 28 states failed to attract foreign investment in H1 2023.

States with investments and how much

1. Abuja (FCT): $604.55 million
2. Adamawa: $4.50 million
3. Akwa Ibom: $39.06 million
4. Anambra: $4.00 million
5. Ekiti: $0.03 million
6. Lagos: $1,482.93 million
7. Niger: $1.50 million
8. Ogun: $26.09 million
9. Ondo: $0.20 million

List of states without foreign investments in 2023

• Abia
• Bauchi
• Bayelsa
• Benue
• Borno
• Cross River
• Delta
• Ebonyi
• Edo
• Enugu
• Gombe
• Imo
• Jigawa
• Kaduna
• Kano
• Katsina
• Kebbi
• Kogi
• Kwara
• Nasarawa
• Osun
• Oyo
• Plateau
• Rivers
• Sokoto
• Taraba
• Yobe
• Zamfara

States with the highest IGR growth, 18 below the national average

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