Foreign investors ignored 32 states in 2024 as the value of capital importation into Nigeria increased by 215 percent to $12.32 billion last year from $3.91 billion in 2023.
This is according to the Nigerian Capital Importation report for Q1 2025, released on Tuesday by the National Bureau of Statistics (NBS).
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 snubbed by investors include:
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- 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
- Zamfara
Further analysis shows that eight of the 32 states have failed to attract any foreign capital between 2019 and 2024.
The states are Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe and Zamfara
ABUJA OVERTAKES LAGOS AS TOP CAPITAL DESTINATION
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Analysis by TheCable Index shows that only the federal capital territory (FCT) and six states received foreign investments in the first quarter of 2025.
The FCT overtook Lagos as the leading destination, attracting $3.04 billion or 54.11 percent of total capital imported.
Lagos followed with $2.56 billion (45.44 percent), while Ogun recorded $7.95 million (0.16 percent).
Other states that made the list are Oyo with $7.81 million, Kaduna with $4.06 million, Kano with $117,000, and Ekiti with $4,250.
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