Nigeria’s 36 states failed to attract any foreign investments in 2024, highlighting the widening economic disparity across the country. According to Naija247news, this startling revelation was disclosed in the latest capital importation report released by the National Bureau of Statistics (NBS), which paints a grim picture of the nation’s investment climate.
Lagos State, the Federal Capital Territory (FCT), Ogun, and Rivers were the only states to record foreign investments throughout the year. Lagos, often regarded as Nigeria’s economic hub, maintained its dominance by accounting for over 70% of the total $6.8 billion in foreign investments recorded in 2024. The FCT followed with 20%, while Ogun and Rivers contributed minimal shares.
It was gathered that the other 32 states, which received no foreign investments, are grappling with challenges ranging from insecurity and poor infrastructure to unfavorable business climates and weak governance structures. Experts have described this trend as alarming, warning that it could exacerbate regional inequality and stifle economic development across the federation.
The manufacturing, telecommunications, and financial services sectors were the primary drivers of the limited foreign capital inflows. However, these investments were largely concentrated in Lagos and the FCT, leaving other states struggling to attract investors.
stakeholders have attributed the lopsided investment pattern to several factors, including insecurity in the North-East and North-West, high levels of poverty in rural areas, and the absence of investor-friendly policies in many states. They have called for urgent reforms to address these issues and make all regions attractive for investment.
understands that the federal government has expressed concern over the figures, with officials pledging to collaborate with state governments to create an enabling environment for investors. The Ministry of Industry, Trade, and Investment has also announced plans to launch regional economic hubs aimed at decentralizing economic activity and boosting investment in underserved areas.
It was gathered that public reactions to the report have been mixed, with some Nigerians calling for increased fiscal responsibility by state governments, while others urged the federal government to take more decisive steps in addressing nationwide economic challenges.
As Nigeria seeks to rebuild its economy, addressing the structural issues that have left 32 states with zero foreign investments will be critical to achieving inclusive growth and long-term stability.
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Source Naija247news
