Abia Listed Among States That Failed to Attract Foreign Investment in the First Quarter of 2024 | #NwokeukwuMascot


Abia Among 34 States That Failed to Attract Foreign Investment in Q1 2024 | #NwokeukwuMascot

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Abuja, Nigeria - The National Bureau of Statistics (NBS) has released its report for the first quarter of 2024, revealing a concerning trend for many Nigerian states. According to the NBS, only two states, Ekiti and Lagos, along with the Federal Capital Territory (FCT), succeeded in attracting foreign investment during this period. This leaves a significant number of states, including Abia, struggling to draw international financial interest.

The report indicates that Ekiti and Lagos were the only states to record any foreign investment in the first quarter of 2024. This concentration of investment highlights a growing disparity in economic attractiveness and development across the country. The Federal Capital Territory, with its strategic importance and political significance, also continued to attract foreign investors.

The NBS report lists 34 states that did not attract any foreign investment in Q1 2024, as follows:

1. Abia

2. Adamawa

3. Akwa Ibom

4. Anambra

5. Bauchi

6. Bayelsa

7. Benue

8. Borno

9. Cross River

10. Delta

11. Ebonyi

12. Edo

13. Enugu

14. Gombe

15. Imo

16. Jigawa

17. Kaduna

18. Kano

19. Katsina

20. Kebbi

21. Kogi

22. Kwara

23. Nasarawa

24. Niger

25. Ogun

26. Ondo

27. Osun

28. Oyo

29. Plateau

30. Rivers

31. Sokoto

32. Taraba

33. Yobe

34. Zamfara

This lack of investment is a critical issue that could have long-term impacts on the economic growth and development of these states. It also underscores the need for strategic policy interventions aimed at making these states more attractive to foreign investors.

The disparity in foreign investment highlights several underlying challenges. States that failed to attract investment may be grappling with issues such as inadequate infrastructure, poor governance, security concerns, and lack of investor-friendly policies. These factors contribute to an environment that is less appealing to potential investors looking for stable and profitable opportunities.

Economic experts and stakeholders are calling for comprehensive reforms to address the investment gap. Suggested measures include improving infrastructure, enhancing security, and implementing more favorable business policies. Additionally, there is a push for better marketing of the investment potential in these states to the international community.

The NBS report serves as a wake-up call for many Nigerian states to reevaluate and revamp their strategies to attract foreign investment. With only Ekiti, Lagos, and the FCT seeing inflows of foreign capital, there is a clear need for widespread economic reforms. Addressing the barriers to investment could pave the way for more balanced economic growth and development across Nigeria.

For Further Information: Please visit the National Bureau of Statistics website or contact their office for detailed insights and data regarding the Q1 2024 foreign investment report.


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