Lagos, FCT, Ekiti Leds in Capital Importation Across Nigerian States


Disparities in Capital Importation Highlighted Across Nigerian States
Recent data released by the National Bureau of Statistics (NBS) reveals significant disparities in capital importation among Nigerian states in the first quarter of 2024. The figures underscored stark contrasts in foreign direct investment (FDI) and economic activity across different regions.

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Key Findings:

Federal Capital Territory (FCT): Recorded $593.58 million in capital importation.
Lagos: Led with a substantial $2.7 billion in capital imports.
Ekiti: Received a modest $1 million in capital investments.
However, the data highlighted a concerning trend where 31 states, including Abia, Adamawa, Akwa Ibom, Anambra, and Bauchi, among others, did not attract any capital importation during the period.

Comparison with Previous Quarters:

FDI Decline: The first quarter of 2024 saw a decline in FDI compared to the last quarter of 2023. FDI stood at $119 million in Q1 2024, down from $183.97 million in Q4 2023.
Historical Perspective:

2023 Fiscal Year: Only nine states received capital importation in 2023. Lagos State topped with $2.5 billion, followed by the FCT with $1.1 billion.
Sectoral Investments: Investments in sectors like banking decreased from $2 billion to $831 million in 2023. Similarly, telecommunications investments dropped from $456 million in 2022 to $133 million in 2023.
Economic Challenges:

Recent reports, including from SaharaReporters, have noted challenges in Nigeria’s business climate, influencing decisions by companies like ShopRite to close operations in major cities like Abuja. These decisions reflect broader concerns about the financial landscape and business viability in Nigeria.

The disparities in capital importation underscore the need for targeted policies to attract investments across all states, promoting economic growth and reducing regional disparities in development.

Adeniyi Ogunfowoke, The Naija247news
Adeniyi Ogunfowoke, The Naija247news
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