Nigeria’s Capital Importation Dips 26.4% To $3.9bn In 2023

Foreign capital inflow into Nigeria dipped by 26.4% to $3.9 billion in 2023, plunging to a 17-year low since 2007 when capital importation stood at $5.3 billion.

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.

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.

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.