UPDATED: Abuja overtakes Lagos as top foreign investment destination in Q1

…Nigeria’s capital importation hits $5.64bn – NBS

The Federal Capital Territory (FCT) emerged as the top destination for foreign investment into Nigeria, attracting $3.04 billion to come first, while Lagos State attracted $2.54 billion during the period, marking the first time Lagos will lose its first place as the most preferred destination for foreign investment into the country.

This is contained in the National Bureau of Statistics (NBS), first quarter 2025 (Q1, 2025) Capital Importation Report released on Tuesday.

According to the report, Nigeria’s total capital importation rose to $5.64 billion in the first quarter of 2025 (Q1 2025), higher than the $3.376 billion recorded in Q1, 2024, indicating an increase of 67.12 percent.

Ogun State trailed Lagos with $7.95 million, followed by Oyo State with $7.81 million and Kaduna State with $4.06 million worth of investments.

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According to the report, in comparison to the preceding quarter, the capital importation increased by 10.86 percent from US$5089.16 million in Q4 2024.

The NBS stated that Portfolio Investment ranked top with US$5204.61 million, accounting for 92.25 percent, followed by Other Investment with US$311.17 million, accounting for 5.52 percent, while Foreign Direct Investment recorded the least with US$126.29 million, representing 2.24 percent of total capital importation in Q1 2025.

The report said the Banking sector recorded the highest inflow with US$3127.92 million, representing 55.44 percent of total capital imported in Q1 2025, followed by the Financing sector, valued at US$2097.48 million, showing 37.18 percent, and Production/ Manufacturing sector with US$129.92 million, indicating 2.30 percent.

The NBS reported that Capital Importation during the reference period originated largely from the United Kingdom with US$3681.96 million, showing 65.26 percent of the total capital imported, followed by the Republic of South Africa with US$501.29 million, representing 8.88 percent and Mauritius with US$394.51 million, showy 6.99 percent.

The NBS stated that out of the five states that recorded capital importation during the quarter, “Abuja (FCT) remained the top destination with US$3047.45 million, accounting for 54.11% of the total capital imported. Lagos State followed with US$2564.68 million (45.44%), and Ogun state with US$7.95million (0.14%). Others were Oyo and Kaduna States with US$7.81 Million and 4.06 Million respectively.”

The report disclosed that Standard Chartered Bank Nigeria Ltd received the highest capital importation into Nigeria in Q1 2025 with US$2103.76 million, representing 37.29 percent, followed by Stanbic IBTC Bank PLC with US1398.38$million, showing 24.78 percent, and Citibank Nigeria Limited with US$1052.63, representing 18.66 percent.

NIGERIAN TRIBUNE