Lagos, Abuja, Akwa Ibom, Ogun and Oyo states attracted the highest foreign investment in 2017, data released by the National Bureau of statistics today has shown.
Lagos state recorded the most of the country’s foreign investment compared to other states, as it had a total of $8.4 billion inflow in 2017. Abuja followed with $3.5 billion, Akwa Ibom was next with $201.2million while Ogun and Oyo recorded $15.5 million and $13.3 million respectively.
Abuja however, recorded the highest amount of foreign investment inflow in the fourth quarter of 2017, accounting for $2.6 billion or 49.8 percent, outperforming Lagos which had 47.4 percent in Q4, 2017, a drop from 79.5 percent in the previous quarter of the same period.
The foreign investment inflow into Abuja recorded an increase of 227.8 percent from the figure recorded in the third quarter of 2017 ($817.6million).
The total capital imported in the fourth quarter of 2017 was $5.3billion; this represented an annual growth of 247.5 percent, and quarterly growth of 29.9percent.
As at the end of 2017, total foreign investment into Nigeria was $12.2 billion, an increase of $7,104.4 million or 138.7percent from the figure recorded in 2016.
The growth in Capital Importation in 2017 was mainly driven by an increase in Portfolio Investment, which went up by $5.5 billion from the previous year to reach $7.3 billion in 2017, and accounting for 60percent of capital imported.
During the reference quarter total capital imported when compared to the previous quarter increased by $1.2billion.
Capital Importation is divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various sub-categories. Portfolio Investment, which recorded $3.4 billion in fourth quarter of 2017, remained the largest component of capital imported and contributed 64.6percent of the total amount ($5,382.86).
It increased significantly year on year, recording a rise of 1,123.5percent or $3.1 billion (from $284.2 million to $3,477.5 million), expanding faster than the two other components of capital importation.
Foreign Direct Investment recorded $378.4 million in Q4, which is a year on year increase of 9.8 percent, while Other Investment recorded $1,526.9, growing by 66 percent when compared to Q4 2016.
Endurance Okafor
