Out of Nigeria’s 36 states, only five managed to attract any foreign capital in the first quarter of 2025—a figure that highlights the growing economic divide across the country.
According to data reviewed by standarddailypress from the National Bureau of Statistics, the Federal Capital Territory (FCT) led the chart with an impressive $3.047 billion in capital inflow between January and March. Lagos State followed with $2.564 billion, reaffirming their dominance in investment attraction.
Other states recorded far less: Ogun State brought in $7.95 million, Oyo State got $7.81 million, and just one other unnamed state completed the top five.
Altogether, Nigeria’s total capital importation for Q1 stood at $5.642 billion. However, only $126 million of that came in as Foreign Direct Investment (FDI)—the type of investment that signals true, long-term confidence in the economy. The rest, $5.204 billion, came in as portfolio investments, which are typically more volatile and short-term in nature.
Sector-wise, the banking sector attracted the most attention, pulling in $3.127 billion, followed by the financing sector with $2.097 billion. Production saw just under $130 million, while agriculture, despite its potential, received only $24.1 million.
These numbers come amid growing investor concerns over Nigeria’s economic instability, ongoing insecurity, and a volatile naira. For many observers, the low FDI figure is a red flag, hinting that while money may still be coming in, trust in Nigeria’s long-term economic prospects is waning.
As conversations around diversification and inclusive development continue, these figures raise a crucial question: How can other states become part of the investment story—and not just observers?
