Lagos State Leads in Foreign Investments, Securing $704 Million in Q1 2023

Lagos State has emerged as the frontrunner in attracting foreign investments to Nigeria, as it secured an impressive $704 million, accounting for 62 percent of the total investment capital received by the country in the first quarter of 2023. This significant influx of capital was revealed in the latest report published by the Nigerian Bureau of Statistics.

The report highlighted the Federal Capital Territory (FCT) as the second-highest recipient, receiving $410 million during the same period. Following closely behind were Akwa Ibom, Adamawa, and Anambra, which secured $5.2 million, $4.5 million, and $4.0 million, respectively, rounding up the top five states attracting foreign investments.

Lagos State’s remarkable performance placed it ahead of not only other states but also the federal capital territory, solidifying its position as the premier investment destination in Nigeria. Governor Babajide Sanwo-Olu emphasized that Lagos is an ideal hub for various sectors, including financial technology, education technology, health technology, business process outsourcing (BPO), talent training and placement, and physical infrastructure like data centers.

The report further revealed that the FCT stood out as the second most attractive investment destination, securing $410.27 million, which accounted for 36 percent of the total capital inflow in the country. Additional states that attracted foreign investments in the first quarter of 2023 were Akwa Ibom ($5.21 million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Notably, Niger made its mark on the list with $1.50 million, while Ondo received $0.20 million, and Ekiti secured $0.01 million in foreign capital inflow during the period under review.

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