In the first quarter (Q1) of 2024, two states and the Federal Capital Territory (FCT) contributed to the nation’s capital imports, according to the National Bureau of Statistics (NBS).
Nigeria registered $3.38 billion in foreign investments in Q1 2024, according to a report released on Monday by NBS.
This is an increase from the $1.09 billion reported in Q4 2023. This is a quarter-over-quarter growth of 210 percent.
According to the bureau, capital imports increased from $1.13 billion in Q1 2023 by 198.06 percent on an annual basis.
Furthermore, the research states that Lagos accounted for 82% of all foreign capital inflow into Nigeria, with approximately $2.78 billion recorded.
FCT followed with $593.58 million and Ekiti recorded $12,750.
Index analysis (by The Cancel) showed that 34 states did not generate any foreign investment between January and March 2024.
Also, the NBS report showed that foreign portfolio investment (FPI) was the top source of capital importation with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.
FDI recorded the least with $119.18 million (3.53 percent) in Q1 2024.
