NBS
32 out of 36 states in Nigeria attracted zero foreign investment in 2024, despite a 215% surge in capital importation to $12.32 billion. The states that received no foreign investment include Bayelsa, an oil-producing state that failed to attract any capital inflows, and Delta, a significant state in the region with no foreign investment. Other states that were ignored by investors include Cross River, Abia, Anambra, Ebonyi, Kogi, Kwara, Nasarawa, Adamawa, Borno, Gombe, Taraba, Katsina, Kebbi, Sokoto, Ogun, Ondo, and Osun.
These states, spread across different regions, have struggled with various challenges that may have contributed to their inability to attract foreign investment. For instance, some states in the North-East region have faced security challenges, while others have struggled with poor infrastructure and weak institutions.
Only a few states and the Federal Capital Territory (FCT) attracted significant foreign investments. Lagos State received $4.6 billion, reflecting its robust infrastructure and business-friendly environment. The FCT emerged as the top investment destination with $2.39 billion. Other states that attracted some investment include Ekiti State with $120,000, Enugu State with $180,000, and Kaduna State with $1.95 million.
The uneven distribution of foreign investments highlights systemic challenges, including poor infrastructure, insecurity, weak institutions, and unfriendly business environments that discourage investors from entering certain regions. This trend underscores the need for states to address these challenges and create a more conducive environment for investment [1][7].
