How Only Lagos, Two Others Attracted $875.6m to Nigeria in Q2

By Sodeinde Temidayo David

In the second quarter of 2021, only Lagos, Ogun and the Federal Capital Territory (FCT) Abuja attracted the $875.6 million to Nigeria, analysis by Business Post has shown.

The capital inflows into the country were between April and June 2021 and they were lower than the $1.9 billion recorded for the first quarter of 2021, data released by the National Bureau of Statistics (NBS) disclosed.

Two of the states, Lagos and Ogun, are from the South West region of the nation, while FCT Abuja is from the North Central.

This means that only two of the six geo-political zones of the country were able to attract capital within the period under review.

According to the Nigerian Capital Importation Data, states from the North East, North West, South East and the South-South geopolitical zones could not FX inflows into the country.

This may have been responsible for the country losing more than $1 billion in foreign investment into Nigeria in three months.

A further breakdown showed that Lagos attracted $780.1 million in the period, FCT Abuja attracted $95.3 million, while Ogun attracted $300,000.

In percentage, Lagos contributed 89.1 per cent, followed by FCT with 10.8 per cent, while Ogun accounted for the remaining 0.1 per cent.

Data also showed that the largest amount of capital importation for the second quarter was received through Foreign Portfolio Investment (FPI), which accounted for $551.4 million of total capital importation.

It was followed by other investments that accounted for $246.3 million of total capital imported, while the Foreign Direct Investment (FDI) accounted for $77.97 million of total capital imported.

The United Kingdom emerged as the top source of capital investment in Nigeria in the period with $310.3 million which accounted for 35.4 per cent of the total capital inflow, while Stanbic IBTC Bank Plc was the bank responsible for bringing in the highest foreign capital investment into Nigeria with $310.21 million (35.4 per cent).

The South-East part of the country comprises states like Abia, Anambra, Ebonyi, Enugu, and Imo States.

South-South comprises Akwa Ibom, Bayelsa, Cross River, Rivers, Delta and Edo States.

South West covers Ekiti, Lagos, Ondo, Ogun, Osun and Oyo States.

North East comprises Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States.

North West covers Jigawa, Kano, Kastina, Kaduna, Kebbi, Sokoto and Zamfara States.

North Central covers Benue, Kogi, Kwara, Nasarawa, Niger, Plateau and FCT Abuja.