Full List: FCT, Five Other States Record $654.65 Million In Foreign Investments Within Three Months

Full List: FCT, Five Other States Record $654.65 Million In Foreign Investments Within Three Months

Full List: FCT, Five Other States Record $654.65 Million In Foreign Investments Within Three Months

In the third quarter (Q3) of 2023, a total of $655.4 million in capital importation was raked in by five states of the federation and the Federal Capital Territory (FCT), Abuja.

Naija News understands that foreign investors directed their investments solely towards Lagos, FCT, Abia, Ogun, Akwa-Ibom, and Ekiti during July, August, and September.

While the remaining states did not record any capital importation during this period, Lagos received $308.83 million, FCT received $194.66 million, Abia received $150.09 million, and Ogun received $1.00 million. Akwa Ibom received $65,000, while Ekiti received $12,750.

In a report by the National Bureau of Statistics (NBS), Abia’s capital importation of $150.09 million in Q3 2023 was the highest since 2020, when it attracted $56.07 million.

It is worth noting that capital importation refers to bringing in capital from abroad to support investment, trade, and manufacturing activities within a country.

Nigeria’s total capital imports during the initial three quarters of 2023 amounted to $2.82 billion. Specifically, $1.13 billion was imported in the first quarter, $1.03 billion in the second quarter, and $654.65 million in the third quarter of 2023, Naija News understands.

Daily Trust quoted BudgIT’s lead researcher, Orji Uche, to have revealed that only 19 states could fund their expenditure with internally generated revenue and federal allocation.

She cautioned state governments against persisting in their dependence on federal allocations, particularly given the prevailing uncertainties surrounding the oil market.

“And by sustaining themselves, we are looking only at the recurrent expenditure. Are you going to meet your operating obligations, are you able to pay salaries so that anything coming from federal allocation would go to investments in the key sectors of the economy,” Uche said.

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