Lagos outshines other states, attract more foreign investment in Q1 2023

Lagos state received the largest share of the $1.13 billion foreign capital inflow into Nigeria in the first quarter of 2023, receiving $704 million, representing 62 per cent of the total investment capital into the country.

According to the latest report by the Nigerian Bureau of Statistics, the Federal Capital Territory (FCT) followed, receiving $410 million. Akwa Ibom, Adamawa, and Anambra completed the top five states, receiving $5.2 million, $4.5 million, and $4.0 million, respectively.

In the quarter under review, Lagos took the lead as it outshined others — and the federal capital territory (FCT) — to top the list of states that attracted the most investments.

Babajide Sanwo-Olu, governor of Lagos, recently assured investors that the state is the right place for investments and “the crown subnational jewel of the African economy”.

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He said Lagos was ripe for investments in financial technology, education technology, health technology, business process outsourcing (BPO), talent training and placement, or physical infrastructure like data centres, among others.

According to the NBS report, the FCT emerged as the second top investment destination with $410.27 million — representing 36 percent of the total capital inflow in the country.

Other states that attracted foreign investments in Q1 2023 are Akwa Ibom ($5.21 million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Niger made the list with $1.50 million, Ondo had $0.20 million, and Ekiti secured $0.01 million.