Abuja beats Lagos as 32 Nigerian States lose out on foreign investment in 2024

Despite a remarkable 215 per cent surge in capital importation to $12.32 billion in 2024 from $3.91 billion in 2023, 32 Nigerian states—including Abia, Delta, and Ogun—failed to attract any foreign investment throughout the year.

This is according to the Nigerian Capital Importation Report for Q1 2025, released on Tuesday by the National Bureau of Statistics (NBS), which reveals a stark contrast between the overall capital growth and the uneven geographical distribution of foreign capital inflows.

Capital importation refers to the inflow of foreign funds into a country for investment in sectors such as trade, manufacturing, and financial services.

According to the NBS data, the 32 states that were snubbed by investors include: Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kano, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Ogun, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, Yobe, and Zamfara.

Further analysis shows that eight of the 32 states, Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, and Zamfara, have failed to attract any foreign capital between 2019 and 2024.

The continued absence of foreign investments in these regions raises questions about the enabling business environments, infrastructure, security, and policy frameworks that investors often consider before committing funds.

Meanwhile, a geographic shift is taking place in capital destination preferences. “The FCT overtook Lagos as the leading destination, attracting $3.04 billion or 54.11 per cent of total capital imported.” Lagos followed closely with $2.56 billion, accounting for 45.44 per cent.

Ogun, despite being on the “ignored” list in 2024, made a marginal appearance in Q1 2025 with $7.95 million in capital importation, while other notable receivers included Oyo ($7.81 million), Kaduna ($4.06 million), Kano ($117,000), and Ekiti ($4,250).

These figures, provided in the NBS’s Q1 2025 report, reflect a continued concentration of foreign investment in a few urban and economically dominant regions, further marginalising most of the country’s states.

As Nigeria works to diversify its economy and attract foreign capital beyond Lagos and the FCT, the disparity underscores the urgent need for subnational reforms that can foster investor confidence across all states.