Lagos attracts $14.16bn, highest foreign investment in 9 months

Lagos State attracted the largest foreign investment inflow in the 2019 with a total of $14.16 billion of the $21.14 billion investment inflow into the country. Analysis of the available data showed that Twenty-two states in the federation  received a total sum of $21.14 billion foreign investment between January and October 2019.  Indications are that the 14 other got little or nothing. This fact is contained in the capital importation data available in the Central Bank of Nigeria website.

The data showed that the 22 states in Nigeria attracted $21.14 billion between January and October 2019, as against $14.21 billion recorded in the same period of 2018. This means foreign investments across the 22 states in Nigeria rose by 48 per cent. While Lagos had the highest the closest state to it is Abuja. The Federal Capital Territory which attracted $5.6 billion foreign investment inflow during the period. Kwara state on the other hand ranked third on the list, recording an accumulated $1.14 billion foreign investment. Other states that made the top 10 states with the biggest foreign investment inflows include Abia ($93.5 million), Adamawa ($25 million), Benue ($25 million), Cross River ($25 million), Ogun ($14 million), Kaduna ($4.47 million) and Oyo ($3.74 million).

Delta, Akwa Ibom, Bauchi, Rivers, Benue, Sokoto, Bayelsa, Osun, Ekiti, Zamfara, Gombe, Ebonyi, Plateau, Yobe, and Kebbi did not get foreign investors within the period as they recorded zero foreign capital inflow. The rise in the foreign investment inflow across states means the amount of foreign capital that investors brought into the Nigerian economy between January and October 2019 rose significantly.