What goes up they say must surely come down, in some instances this saying might be wrong but in Nigeria, this seems to be the shocking reality.
Nigeria’s foreign capital importation continued its downslope movement in 2022 by falling to 20.47%.
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This is in spite of the many frequent business trips embarked on by most of the states to attract foreign capital into the country.
According to data obtained from the National Bureau of Statistics (NBS), only nine states out of the 36 states of the federation attracted any form of foreign capital into the country in 2022.
Drop In Capital Inflows
The NBS report on Tuesday, revealed that total capital importation into the country fell from $6.70 billion in 2021 to end the year 2022 at $5.32 billion.
According to the report, Lagos accounted for $3.61 billion of total inflows while the Federal Capital Territory (FCT) attracted $1.62 billion in 2022.
Other states includes Akwa Ibom $42.52 million, Anambra $36.97 million, Oyo $3 million, Kogi $2 million, Katsina $0.70 million, Ekiti $0.51 million, Ondo $0.20 million, and Plateau $0.04 million.
The NBS report also revealed that 27 states did not attract any dollar as foreign capital inflow throughout the year despite the passion of state chief executives to travel abroad in search of foreign investors.
The states include Abia, Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, and Edo. Others are Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, and Kwara.
Also in this list are, Nasarawa, Niger, Ogun, Osun, Rivers, Sokoto, Taraba, Yobe, Zamfara, and Enugu.
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Further analysis revealed that capital inflows also dropped by 8.53% to $1.06 billion in the fourth quarter (Q4 of 2022) to $1.15 billion of 2021.
Also, Nigeria capital importation Q4 2022 report shows that capital importation fell by 51.51% when compared with Q4 of 2021.
Therefore, it is not too surprising why the economy is pretty dull and governors are quick to head down to Abuja at the end of the month for their share of the national cake.
