The year’s foreign investment fell by 59.7 per cent, and only 10 states and Abuja received inflows.

By Mary Izuaka
Twenty-six Nigerian states recorded zero foreign investment in the whole of 2020, figures released by the National Bureau of Statistics show.

The report on capital importation into the country, compiled by the Central Bank of Nigeria, was released on Friday by the NBS.

It captures the total Foreign Direct Investment (FDI), portfolio investment and other types of investments into the country in a year the global economy suffered a terrible battering as a result of the coronavirus pandemic.

The total value of capital inflow for the year fell to $9.7 billion, from $24 billion in 2019, representing a decline of 59.7 per cent. It was the lowest in at least four years.

More foreign capital inflows came through “other investments”, followed by FDI, and Portfolio Investment, the report said.

Equities supplied the largest chunk of capital inflows, while the United Kingdom emerged as the top source of capital investment in Nigeria in the year.

Destination
By destination, Lagos emerged as the top destination of capital investment in Nigeria with $8.3 billion, followed by Abuja, which received $1.3 billion.

The others on the list are Abia State with relatively lower $56 million, Niger with $16.4 million, and Ogun with $13.4 million.

Anambra State recorded $10.2 million, Kaduna State recorded $4.03 million, Sokoto got $2.5 million and Kano got $2.4 million.

Akwa Ibom received $1.05 million ahead of Adamawa, which received just $20,000.

All the remaining 26 states received no foreign capital inflows the entire year, the report shows.

They are Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Ondo, Osun, Oyo, Plateau, Rivers, Taraba, Yobe, and Zamfara States.


COVID-19 Effect
Many Nigerian states are known to be characteristically non-competitive in attracting foreign investments, despite their huge populations. Amongst many factors responsible for this is insecurity. This was made worse last year by the COVID-19 pandemic.

Since the pandemic broke out, public health measures have caused severe economic disruptions that impact foreign investment in countries of the world.

In June 2020, amid the crash in commodity prices occasioned by the pandemic, foreign direct investment flows to Africa was projected to decline between 25 percent and 40 percent, according to the World Investment Report 2020.

FDI flows to the continent were forecast to contract based on gross domestic product (GDP) growth projections, as well as other investment factors.

The contraction was necessitated by the disruption in several services industries including aviation, hospitality, tourism and leisure, among others.

https://www.premiumtimesng.com/news/headlines/441330-twenty-six-nigerian-states-record-zero-foreign-investment-in-2020.html

Buhari is clueless

Ok

split this useless country una no wan hear

What?

Just watch them as they will put the blame on Covid as if the remaining 10 states didn't have Covid

Ok

Atleast Abia tried

I knew Abia would. Okezie has been spending money lately and commissioning roads like crazy.

Commerce is doing well here, if you don't have what gives you food, you did yourself.

It's hurts that the so called sophisticated persons voted Buhari...

See am now

COVID-19 Effect
Many Nigerian states are known to be characteristically non-competitive in attracting foreign investments, despite their huge populations. Amongst many factors responsible for this is insecurity. This was made worse last year by the COVID-19 pandemic.

Since the pandemic broke out, public health measures have caused severe economic disruptions that impact foreign investment in countries of the world.

In June 2020, amid the crash in commodity prices occasioned by the pandemic, foreign direct investment flows to Africa was projected to decline between 25 percent and 40 percent, according to the World Investment Report 2020.

Damn it!
CORONAVIRUS really shook all economies of the world all over.

Corona, please go away.
You have done enough biko.

Foreigners don't invest in Cattles, sorry!

Factors that caused it

1.The Pandemic

2.Quadriplegic state of the power sector in the country

3.Political insecurity

4.Bad Infrastructure

Enyimba city
Abia ndioma

But wait o, where the $56m (roughly N25B) enter for Abia state?

Nobody should come here and blame Buhari ...blame your state Governors, federal house of reps members, senators for the lack of foreign investments in your respective states and leave Buhari out of the equation.......

I know my akwa ibom must be among even if its just 5 states...udom is really working but he is still playing catch up to what akpabio did for my state..

If you are a foreign investor will you invest in this Nigeria?

As a Nigerian I won’t.

Out of 19 Northern states, 14 received zero foreign investments.
They are busy trying to ban social media and busy striking deals with bandits.

They have not yet seen anything yet. If Nigeria breaks today, Local Government Chairmen in the North will be selling suya in the South.

Poor states, just imagine this country don't have oil

This is exact reason some state/region will rather die than leave Nigeria

Zoogeria

No sane foreigner would invest in here

You try making an investment
Govt is also making INFESTment....

hustle dey for 5g
owu dey for Flight mode

Oyo, why?? Money flow must not stop ooo else...

Imagine Even Adamawa with just $20,000 is as good as zero.
Just checking through and seeing Kano with just $20M Soon you will see them comparing Kano and lagos

Buhari negatively affecting everything

Checked this news to see Kogi state but I was surprised not to find it ,not even an honorary mention.
I thought a news said they overcame Lagos as the highest investment destination since COVID started.
So it's local kuli kuli investment they meant?