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Gombe, 7 other states get zero foreign investment in 5 years

Gombe and seven other Nigerian states have had no foreign investment flow in the last five years, as foreign capital inflow into the country dropped…

Gombe and seven other Nigerian states have had no foreign investment flow in the last five years, as foreign capital inflow into the country dropped by 26.4 per cent to $3.9 billion in 2023 from $5.3 billion in 2022.

A National Bureau of Statistics (NBS) report sighted by Daily Trust indicated that while Lagos State was the top investment destination in the year, attracting 64 per cent investment, Gombe alongside Bayelsa, Ebonyi, Jigawa, Kebbi, Taraba, Yobe and Zamfara states, recorded zero investment from 2019 to 2023.

The NBS data showed that Lagos State topped the list of states, including the Federal Capital Territory (FCT), that attracted the most foreign direct investments in 2023.

The state raked in $2.50 billion, representing 64 per cent of the total capital inflow into the country, while the FCT emerged as the second top investment destination with $1.17 billion or 30 per cent of the total capital inflow.

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Other states that attracted foreign investments in 2023 are Abia $150.09 million, Akwa Ibom $39.13 million, Ogun $27.09 million, and Rivers $6 million. Adamawa attracted $4.5 million, Anambra $4 million, Niger $1.50 million, Ondo $200,000 and Ekiti $51,000.

The latest data released by the NBS showed that foreign portfolio investment (FPI) in 2023 was $1.15 billion, indicating 29.5 per cent of the $3.91 billion total capital importation recorded in the year.

On the other hand, foreign direct investment (FDI) stood at $377.4 million and other investments were $2.38 billion in the year.

Also, the NBS report indicated that 18 states failed to attract foreign investment in three years (2021–2023), they include; Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Kebbi, Nasarawa, Sokoto, Taraba, Yobe and Zamfara.

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