Nigeria attracts only $8.75bn in foreign investments in one year — NBS

…As FCT,  Lagos, five states lead charge, fall short of govt assertions

In a revelation from the National Bureau of Statistics (NBS), only six states and the Federal Capital Territory (FCT) attracted foreign investments amounting to $8.75 billion between June 2023 and June 2024, a figure significantly lower than the $30 billion touted by President Bola Tinubu in his recent Independence Day address.

The NBS’ latest capital importation report, released on Tuesday, details that the Foreign Direct Investment (FDI) component for this period was a mere $478.78 million.

Recall that President Tinubu’s statement, which claimed, “Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year,” now faces scrutiny as evidence suggests otherwise.

Lagos State emerged as the frontrunner, drawing an impressive $5.95 billion, underscoring its status as a key destination for foreign capital. The FCT followed closely, securing $2.59 billion. Other states that saw notable inflows include Abia with $150.09 million, Akwa Ibom at $33.92 million, Ogun with $25 million, Rivers at $6 million, and Ekiti, which attracted a modest $59,500.

While these figures demonstrate a flow of capital into key regions, they contrast with the broader expectations set by government narratives.

The report highlights not only the distribution of investments but also raises questions regarding the reliability of official figures circulating in the public domain.