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Capital importation into Nigeria dropped by 28 per cent to $1.13 billion in the first quarter of 2023, the National Bureau of Statistics report on Monday.
The capital rose by 6.78 per cent in Q1 2023 to $1.13 billion from 1.06 billion recorded in Q4 2022.
However, a yearly analysis of the figure showed that it
“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 per cent,” the NBS said.
Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.
With a $704.87 million capital importation, Lagos led as a top destination for foreign investment, followed by FCT ($410.27 million), Akwa Ibom ($ 5.121 million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).
Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).
Capital Importation consists of Foreign Direct Investment, Portfolio investment and other investments.