Limited Investment? Only 3 Nigerian States Received Capital Inflow in Q1 2024 (NBS Report)

Mobel
By Mobel 2 Min Read

Lagos, FCT, and Ekiti Lead Nigeria’s Capital Importation in Q1 2024

Limited Investment? Only 3 Nigerian States Received Capital Inflow in Q1 2024 (NBS Report)

Key Highlights:

  • Total capital imported: $3,376.01 million
  • Top destination: Lagos State (82.42%)
  • 34 states: No capital importation

The National Bureau of Statistics (NBS) has released its Nigeria Capital Importation report for Q1 2024, revealing significant disparities in capital attraction across the country.

Capital Importation by State

  1. Lagos State: $2,782.41 million (82.42%)
  2. Federal Capital Territory (FCT): $593.58 million (17.58%)
  3. Ekiti State: $0.01 million

Investment Types

  1. Portfolio Investment: $2,075.59 million (61.48%)
  2. Other Investments: $1,181.25 million (34.99%)
  3. Foreign Direct Investment (FDI): $119.18 million (3.53%)

Sectoral Analysis

  1. Banking: $2,067.44 million (61.24%)
  2. Trading: $494.93 million (14.66%)
  3. Production/Manufacturing: $191.92 million (5.68%)

This data highlights the concentration of capital importation in Nigeria’s economic hubs, with Lagos maintaining its position as the primary destination for foreign investments. The report underscores the need for economic diversification and development strategies in other states to attract capital and boost overall national growth.

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