Home » Africa: Nigeria Sees 26.4% Drop in Capital Importation to $3.9 Billion in 2023 as Eight States Reports Zero Foreign Investment in 5 Years

Africa: Nigeria Sees 26.4% Drop in Capital Importation to $3.9 Billion in 2023 as Eight States Reports Zero Foreign Investment in 5 Years

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Kaduna Inland Dry Port Foreign Investment

In 2023, foreign capital inflow into Nigeria experienced a significant decline, falling by 26.4% to $3.9 billion. This marks the lowest level in 17 years, reaching a point not seen since 2007 when capital importation recorded $5.3 billion.

According to vanguardngr.com, the latest data released by the National Bureau of Statistics (NBS) showed that foreign portfolio investment (FPI) in 2023 was $1.15 billion, indicating 29.5 percent of the $3.91 billion total capital importation recorded in the year.

On the other hand, foreign direct investment (FDI) stood at $377.4 million, and other investments were $2.38 billion in the year.

READ: News: ‘Okada ban’: National Bureau of Statistics says motorcycle importation in Nigeria decreased by 42%, accounting for over N212 billion in 2022

According to the NBS report, 8 states recorded zero foreign investment over the last five years (2019 – 2023). They are: Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe and Zamfara.

READ: News: Nigerian Agro Experts seek increased investment to halt Oil palm importation

Analysis of the NBS data showed that Lagos State topped the list of states, including the Federal Capital Territory (FCT), that attracted the most foreign investments in 2023. The state raked in $2.50 billion, representing 64 percent of the total capital inflow into the country, while the FCT emerged as the second top investment destination with $1.17 billion or 30 percent of the total capital inflow.

Other states that attracted foreign investments in 2023 are Abia $150.09 million, Akwa Ibom $39.13 million, Ogun $27.09 million, and Rivers $6 million.

Adamawa attracted $4.5 million, Anambra $4 million, Niger $1.50 million, Ondo $200,000 and Ekiti $51,000.

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