Nigeria attracted $6.8bn investments in nine months – NBS

Nigeria attracted $6.85bn worth of investments in the first nine months of 2017. Some state governments took the bold step but many took advantage of portfolio investors’ appetite for the Nigerian market, while others did not.
Last year, between January and September, 28 state governors could not attract any form of investments to their states, an analysis of the Capital Importation Report for the period has shown.
The report, prepared by the National Bureau of Statistics, contains the total amount of fresh investments attracted to the Nigerian economy during a particular period of time.
In the report, the NBS revealed that none of the 28 states contributed to the entire $6.85bn (N1.38tn) that the federation attracted during the nine-month period.
The states that could not attract any form of investment inflow are Abia, Adamawa, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Ekiti, Gombe, Imo, Jigawa, Kaduna and Kano.
Others are Katsina, Kebbi, Kwara, Nasarawa, Niger, Ondo, Osun, Plateau, Sokoto, Taraba, Yobe and Zamfara.
Based on an analysis of the NBS report, only nine state governments were able to secure fresh investments inflow into their states within the first nine months of last year.
Lagos State attracted the highest amount of $5.9bn during the nine-month period. The $5.9bn investment inflow into Lagos State represented about 86.18 per cent of the entire $6.85bn that the country attracted during the nine-month period.
A further breakdown of the state’s investment inflow revealed that the sum of $865.71m was attracted in the first quarter, while the second and third quarters had $1.74bn and $3.29bn, respectively.
The Federal Capital Territory and Akwa Ibom State followed, attracting total investment inflows of $849.12m and $76.42m, respectively, during the period.
A quarterly breakdown of the FCT’s $849.12 investment inflow showed that $14.86m was attracted in the first quarter, while the second and third quarters had $16.64m and $817.61m in that order.
For Akwa Ibom State, its $76.42m investment inflows were received as follows: $18.36m in the first quarter, $34.08m in the second quarter, while the third quarter attaracted $23.98m.
During the period under review, Ogun attracted fresh investment inflows of $6.75m; Oyo, $6.35m; Rivers, $550,000; Edo, $3.74m; Enugu, $630,000; and Kogi, $148,000.
In terms of sectoral inflow, findings revealed that investment through shares attracted the highest amount of $985.33m.
This was followed by the services sector, with $732.53m, while the production and banking sectors recorded $584.32m and $267.74m, respectively.
Others are oil and gas, $206.46m; telecoms, $207.81m; financing, $107.22m; agriculture $66.56m; electrical, $32.72m; brewing, $8.83m; construction, $4.07m; and consultancy, $6.72m
The rest are trading, $23.98m; information technology services, $7.53m; marketing, $1.68m; drilling, $1.51m; and hotels, $170,000.