Oyo State, 25 Others Did Not Attract Foreign Investors in 2020 — NBS

Figures released by the National Bureau of Statistics (NBS) have revealed that twenty-six Nigerian states, Oyo state inclusive recorded no foreign investment throughout the year 2020.

The report that documented the capital importation into the country, was compiled by the Central Bank of Nigeria and was released on Friday by the NBS, capturing the total Foreign Direct Investment (FDI), portfolio investment and other types of investments into the country in a year the global economy was ravaged and torn apart by the coronavirus pandemic.

The total amount of capital inflow for the year crashed to $9.7 billion, from $24 billion in 2019, depicting a decline of 59.7 per cent, this was the lowest in at least four years.

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

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

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 ascertains.

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