31 States Fail To Attract Fresh Investments in Nigeria

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About 30 state governments could not attract any form of fresh investments into their states between January and June this year, an analysis of a capital importation report obtained from the National Bureau of Statistics has shown.

The report revealed that only five states within the first six months of this year recorded any form of fresh investment inflow in key sectors of the economy.

 

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The states that got new investments are Lagos State, which attracted the highest amount of $2.6bn during the six months period, followed by Akwa Ibom with $52.44m.

The Federal Capital Territory followed with $31.51m while Ogun State attracted fresh investment inflows of $5.31m; Oyo had $5.25m, and Rivers recorded $550,000 of investments.

The states that could not attract any form of investment inflows are Abia, Adamawa, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna and Kano.

Others are Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Ondo, Osun, Plateau, Sokoto, Taraba, Yobe and Zamfara.

The document from the NBS gave the sectors where the funds were invested as shares, which had the highest amount of $932.58m; agriculture, $23.71m; banking, $89.8m; brewing, $4.83m; construction, $1.71m; and consultancy, $4.2m.

Others are drilling, $1.21m; electrical, $6.38m; financing, $57.31m; Information Technology services, $6.28m; marketing, $90,000; oil and gas, $190.39m; and production, $141.42m.

The rest are servicing, $145.56m; hotels, $170,000; telecoms, $174.18m; and trading, $12.53m.

The President, Abuja Chamber of Commerce and Industry, Mr. Tony Ejinkeonye, told our correspondent that a lot of investors would continue to adopt what he described as a “wait and see attitude” owing to the tough economic environment in the country

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