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Foreign capital inflow into Nigeria reached $5.63 billion in the first quarter of 2025, with only six states and the Federal Capital Territory (FCT) recording any share of the investment, according to data released by the Ekiti State Government.
The figures highlight a persistent concentration of foreign investment in a handful of states, especially in the South West, leaving most of the country without any recorded inflow for the period.
The Federal Capital Territory (FCT), Abuja, emerged as the dominant destination for foreign capital, securing $3.05 billion, which represents more than half of the national total.
Lagos State followed as the second-largest recipient with $2.56 billion, reaffirming its status as the country’s commercial and financial hub.
Ogun and Oyo States came in third and fourth positions with inflows of $7.95 million and $7.81 million respectively, reflecting modest foreign interest in the South-West region beyond Lagos.
Kaduna State in the North-West attracted $4.06 million, while Kano State also in the North-West, despite being a key commercial centre in Northern Nigeria, received only $0.12 million.
Ekiti State, which has been pushing for greater investment in its economy, reported $4,250 in foreign inflows — the smallest among the states that recorded any activity. The remaining 29 states had no recorded foreign capital inflow in the first three months of the year.
Economic analysts say the uneven distribution of foreign investment is partly due to the concentration of infrastructure, business hubs, and international corporate offices in select states, especially Abuja and Lagos. The lack of inflow in many states highlights the ongoing challenge of creating an enabling environment for investors across Nigeria.
For Ekiti, the figure signals both a challenge and an opportunity. The state government has in recent months intensified its investment drive, promoting sectors such as agribusiness, tourism, technology, and renewable energy.
While acknowledging the low inflow in Q1, some Nigerians say targeted reforms and strategic partnerships are in progress to attract more significant foreign capital in subsequent quarters.
The report comes amid wider national discussions about diversifying the economy and decentralising growth away from traditional economic hubs.
Experts also argue that increasing regional competitiveness through infrastructure upgrades, investor-friendly policies, and security improvements is critical to balancing the flow of foreign investment.
With results of Q2 already underway, states like Ekiti face the task of translating investment promotion campaigns into tangible inflows, while Abuja and Lagos continue to consolidate their dominance in Nigeria’s foreign capital landscape.
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Of the six states and the FCT that recorded foreign capital inflows in Q1 2025, four were from the South West, while the remaining two states in the South West namely Osun and Ondo had none.
Data from the Ekiti State Government shows that no state in the North East, North Central, South East, or South South received any foreign capital during the period under review. In the North West, five of the seven states also recorded zero inflows.
The absence of foreign capital inflows from 17 out of 19 states in the three northern regions may be linked to prevailing insecurity in those areas.
*Report by Dayo Emmanuel
