Lagos, FCT generate 94% of Nigeria’s capital importation in 2023

DATA from the National Bureau of Statistics (NBS) show that Nigeria generated $3.91 billion as capital importation in 2023, but only 11 of the country’s 36 states were destinations for imports.

The states are  Abia, Adamawa, Akwa Ibom, Anambra, Ekiti, Lagos, Niger, Ondo, Ogun, Rivers and the Federal Capital Territory, Abuja.

This means that no capital importation came through the remaining 26 states throughout the year. To put it in context these states did not get any foreign investment – money from abroad for the whole of 2023. 


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Further analysis by The ICIR shows that 94 per cent of the total capital importation for 2023 was generated by Lagos and the FCT, Abuja. The two states had $2.50 billion and $1.17 billion respectively. 

This means that the other nine states pulled a total value of  $232.55 million in 2023. 

Capital importation is the influx of external resources into the local capital resources for investment, trade and business production. The NBS divides it into three main investment types: foreign direct investment (FDI), portfolio investment and other investments, each comprising various sub-categories. Others here refer to currency deposits, loans, trade credits etc.

From the NBS data, Nigeria generated a capital importation of $1.13 billion and  $1.03 billion in the first and second quarter of 2023 respectively. For the third and fourth quarters of the year under review, the country pulled $654.7 million and $1.09 billion in that order.

Nigeria’s 2023 Capital Importation
Nigeria’s 2023 Capital Importation

The total capital importation for 2023 is about 26.70 per cent lower than what was generated in 2022 which was $5.33 billion.  

The report showed that the lowest capital inflow was generated in Ekiti State which was $50,000 while Lagos State had the highest inflow with $2.50 billion.

Within the year, states like Abia, Anambra, Adamawa, Niger, Ondo and Rivers only generated capital inflow once which totalled $166.29 million.

When analysed by geopolitical zone, no states in the North-West region generated capital inflow. Osun and Oyo States were the only South-West geopolitical states with no capital importation in 2023. The South West region pulled a total of $2.53 billion in investment.

S/n
States with no capital importation in 2023
1 BAUCHI
2 BAYELSA
3 BENUE
4 BORNO
5 CROSS RIVER
6 DELTA
7 EBONYI
8 EDO
9 ENUGU
10 GOMBE
11 IMO
12 JIGAWA
13 KADUNA
14 KANO
15 KATSINA
16 KEBBI
17 KOGI
18 KWARA
19 NASARAWA
20 OSUN
21 OYO
22 PLATEAU
23 SOKOTO
24 TARABA
25 YOBE
26 ZAMFARA

States with no capital inflow in 2023




     

     

    For other regions, the North Central generated, $1.17 billion in investments, a $4.5 million inflow in the North East, a $154.09 inflow in the South-East, and an inflow of  $45.13 million in the South-South region

    The ICIR reported how only five states contributed to Nigeria’s $1.03bn capital importation in the second quarter of 2023.

    Recently, the Minister of Industry, Trade and Investment, Doris Anite, said that the Federal Government secured $30 billion in foreign investment since it assumed office in May 2023.

    According to her, “Some have already started building and the investments will come in over five to eight years. Some of the monies will come in the form of equipment, and direct investments into manufacturing and the facilities. So that fund is here already.”

    Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at [email protected] or Twitter: Prof_KennyJames

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