Foreign investment in Nigeria surged in 2024, yet 32 states failed to attract a single dollar. According to the latest Capital Importation Report released by the National Bureau of Statistics (NBS) for Q1 2025, total foreign investment rose by 215%, reaching $12.32 billion, up from $3.91 billion in 2023.
Capital importation refers to the inflow of funds from foreign investors into sectors like manufacturing, trade, and financial services.
Despite the national growth, foreign investors completely snubbed 32 Nigerian states, including:
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, and Zamfara.
Long-Term Foreign Investment Drought in Eight States
The NBS report further revealed that eight of these 32 states — Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, and Zamfara — have not attracted any foreign investment in the past six years (2019 to 2024)
Abuja Surpasses Lagos in Foreign Investment Inflow
Only the Federal Capital Territory (FCT) and six other states recorded any foreign capital in the first quarter of 2025.
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Abuja led the chart with $3.04 billion, representing 54.11% of total foreign investment.
Lagos followed closely with $2.56 billion (45.44%).
Ogun ranked third but far behind, attracting just $7.95 million (0.16%).
Other states that managed to secure capital inflows include:
Oyo: $7.81 million
Kaduna: $4.06 million
Kano: $117,000
Ekiti: $4,250
The rise in Nigeria’s overall international investment figures masks a concerning trend of regional neglect. With only a handful of states benefitting, urgent strategies are needed to make all regi
ons more attractive to international investors.