32 states fail to attract investment in Q2

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Thirty-two states failed to attract capital importation in the second quarter of 2022, according to a Foreign Direct Investment data released by the National Bureau of Statistics on Wednesday.

“When compared to the preceding quarter, capital importation decreased by 2.40 per cent from $1.57bn. The largest amount of capital importation was received through Portfolio Investment, which accounted for 49.33 per cent . This was followed by Other Investment with 41.09 per cent and Foreign Direct Investment accounted for 9.58 per cent of total capital imported in Q2 2022.

The United Kingdom was the largest source of capital importation, followed by Singapore and the Republic of South Africa which brought in $138.58m and $122.26m respectively. “One thing about investment is that it is crisis shy. Investment doesn’t go to places where there are crisis. Why? Because investors want stability and predictability of their investments, particularly, having returns on their investments.

The Co-Managing Partner and Chief Executive Officer, Comercio Partners Asset Management, Tosin Oshunkoya, recently said foreign investors’ attraction to the Nigerian economy was waning.

 

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