Kwara, Ondo, Osun, Oyo, Ogun fail to attract capital importation in Q1 2024, says NBS

The National Bureau of Statistics (NBS) has revealed that five states from the Western part of the country, Kwara, Ondo, Osun, Oyo, and Ogun failed to attract capital importation in first quarter (Q1) of 2024.

The ‘Nigeria Capital Importation’ report by NBS revealed that only Ekiti, and Lagos State reported capital importation in the period under review.

The bureau disclosed that Ekiti State imported $0.01 million in Q1 2024 and Lagos State with about $2,782.41 million in Q1 2024, contributed 82.4 per cent of the total $3,376.01 million total capital importation by States in Nigeria.

“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2,782.41 million, accounting for 82.42per cent of the total capital imported.

“Abuja (FCT) followed with $593.58 million (17.58per cent), and Ekiti state with $0.01 million,” the report by NBS revealed.

Further checks by WESTERN POST revealed that Osun, Oyo, and Kwara States did not record any capital importation in 2023 full year.

The report disclosed that, Lagos, $2,503.44million; Ogun, $27.09 million; Ondo, $0.20 million and Ekiti, $0.05 million out of the total $3,905.99 million capital importation in 2023.

According to NBS, in Q1 2024, total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06per cent.

The report stated that, “In comparison to the preceding quarter, capital importation rose by 210.16per cent from $1,088.48 million in Q4 2023.”

NBS stated that portfolio Investment ranked top with $2,075.59 million, accounting for 61.48per cent, followed by Other In-vestment with $1,181.25 million, accounting for 34.99per cent.

“Foreign Direct Investment recorded the least with $119.18 million (3.53per cent) of total capital importation in Q1 2024,” the report added.