Foreign investors ignored 26 states in Nigeria in the year 2020, according to a report released by the National Bureau of Statistics.
The recently released Capital Imports report by the National Bureau of Statistics details the value of new investments that have poured into the Nigerian economy in 2020.
The 26 states are: Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Ondo, Osun, Oyo, Plateau, Rivers, Taraba, Yobe and Zamfara.
It should be noted that 11 of these states also failed to attract foreign investment in 2019.
These states are Bayelsa, Ebonyi, Ekiti, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe and Zamfara.
It is also important to note that this report is different from the investment announcement report issued by the Nigerian Investment Promotion Council which is only based on the investment announcements and the authenticity of the investment announcements did not independently verified by the NIPC.
In December 2020, the NIPC announced that investments worth $ 1 billion had been announced in Kogi in the third quarter of 2020, on the highest in the country.
Lagos remains the favorite of investors
Lagos edged out nine other states and the Federal Capital Territory (FCT) to top the list of states that attracted the most investment in 2020.
Nigeria’s commercial city has attracted $ 8.31 billion in investment, accounting for 85.7% of total capital inflows into the country.
Abuja (FCT) is the second investment destination with $ 1.27 billion, while Abia came third with $ 56.07 million.
The other states that attracted foreign investment in 2020 are Niger ($ 16.36 million); Ogun ($ 13.39 million); Anambra ($ 10.02 million); Kaduna ($ 4.03 million); Sokoto ($ 2.50 million); Kano ($ 2.38 million); while Akwa Ibom and Adamawa received respectively $ 1.05 million and $ 0.02 million in foreign investment.
Out of 65 countries that have invested in Nigeria, the UK has emerged as the main source of capital investment in 2020 with $ 4.17 billion.
The United Arab Emirates (UAE) followed with $ 899.44 million; Netherlands ($ 890.58 million); and South Africa with ($ 875.99 million).
Nigeria’s economy has been hit hard by the pandemic alongside the rest of the world.
Total capital imports fell 59.65% to $ 9.68 billion in 2020 from $ 23.99 billion in 2019.
However, Akin Oyebode, Ekiti State Commissioner for Finance and Economic Development, says the data collection methodology is flawed.
“The methodology is flawed, tired of repeating it. The methodology focuses on the registered address that imports the capital. So if you invest in Kano, but your address says Abuja, this is where it’s registered for, ” he has answered when questions were asked about the state’s investment status.