FOREIGN INVESTORS SHIP $21.4 BILLION TO 22 STATES IN 10 MONTHS

, Magazine

Twenty-two (22) states in Nigeria attracted the total sum of $21.14 billion foreign investment between January and October 2019, as investors abandoned others. This is contained in the latest capital importation data published by the Central Bank of Nigeria (CBN).

The data revealed that the 22 states in Nigeria attracted $21.14 billion between January to 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%.

Lagos dwarfs others, as Kwara records huge inflow

The breakdown of foreign investments inflow showed that Lagos State attracted the biggest investment within the period, accounting for 66.9% ($14.16 billion) of the total foreign investment.

  • The closest to Lagos State on the chart is Abuja. The Federal Capital Territory attracted $5.6 billion foreign investment inflow within the period.
  • Kwara state ranked third on the list, recording an accumulated $1.14 billion foreign investment. It should be noted that Kwara attracted $1.14 billion foreign investments in October 2019, and this pushed the state to rank among the top three.
  • 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).