Boasting Africa’s largest economy, a significant chunk of Nigeria’s revenue often stems from foreign investments. Nigeria’s capital importation, given its business ecosystem, remains one of the country’s staple revenue streams owing to its enviable human capital and growing industries. So far, growth has been recorded in this regard.
- Business Insider Africa presents states in Nigeria that received the highest foreign investments in Q4 2023.
- This list is courtesy of the National Bureau of Statistics.
- The disparity amongst Nigerian states as it relates to capital importation is gaping.
A report by the National Bureau of Statistics showed that in the 4th quarter of 2023, the total capital importation that flowed into Nigeria's economy was US$1,088.48 million.
This figure tops the amount recorded in the same period a year prior, which came in at US$1,060.73 million, highlighting a 2.62% increase from Q4 2022 to Q4 2023.
Additionally, when compared to the previous quarter of 2023, capital importation for Q4 rose by 66.27% from US$654.65 million in Q3 2023.
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“Other Investment ranked top accounting for 54.64% (US$594.74 million) of total capital importation in Q4 2023, followed by Portfolio Investment with 28.46% (US$309.76 million) and Foreign Direct Investment (FDI) with 16.90% (US$183.97 million),” the NBS’s report states.
“The production/manufacturing sector recorded the highest inflow with US$450.11 million, representing 41.35% of total capital imported in Q4 2023, followed by the banking sector, valued at US$283.30 million (26.03%), and financing with US$135.59 million (12.46%),” the report adds.
With that said, it is interesting to note the destination of these funds, given Nigeria’s diverse geo-economic landscape. While boasting 36 states, Nigeria utilizes each state in different ways, which of course affects the distribution and generation of resources.
In this regard, capital importation is no different as some states simply receive more than others. However, in Nigeria’s case, the disparity is very substantial as not only do some states receive more than others, but those that receive are barely a handful.
With that said, here are the states in Nigeria that receive the most capital importation.
