List: 11 states that attracted zero foreign investments in 2 years
For two solid years, 11 out of the 36 states in Nigeria failed to attract foreign investments, The Cable has reported, citing the National Bureau of Statistics (NBS) as its source.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
Legit.ng gathers that the 11 affected states were not able to attract any foreign investor in 2019 and 2020, according to the capital importation report recently published by the NBS.
Source: UGC
Below is the list of the "foreign investments-unfriendly" states:
1. Bayelsa
2. Ebonyi
3. Ekiti
4. Gombe
5. Jigawa
6. Kebbi
7. Kogi
8. Plateau
9. Taraba
10. Yobe
11. Zamfara
Note that the NBS report is different from the investment announcement reports by the Nigerian Investment Promotion Council.
Meanwhile, unlike the states listed above, Lagos stood tall in 2020 in terms of foreign investments as it topped the list of states that attracted the most investments in 2020, outshining others, including the Federal Capital Territory (FCT).
The state lived up to its description as Nigeria's economic powerhouse as it attracted $8.31 billion in investments which represent 85.7 percent of the total capital inflow into the country in the year 2020.
PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app
Legit.ng reported in February 2020 how foreign investors in Nigeria were assured of utmost security for themselves and full for support for their businesses.
The assurance was made by President Muhammadu Buhari during the commissioning of Ondo-Linyi Industrial Hub in commemoration of Rotimi Akeredolu's third year in office as governor.
President Buhari said that as long as the investors remain in the country, the federal government will continue to create a conducive atmosphere for their businesses to thrive.
In another report, Legit.ng highlighted some "fertile" sectors of the Nigerian economy where interested investors can put their capital in 2021.
Investments in the mineral industry, gold, in particular, is one of the listed sectors in the report.
Nigerian Stocks are also listed in the report as one of the best investments in Nigeria for those who are able to invest a big capital.
In 2020, Bloomberg ranked the Nigerian Stock Exchange as the best-performing stock market among the 93 equity indexes being tracked by the global media outfit.
The report attributed the development in the nation's stock market to the low yields in the fixed-income market.
Source: Legit.ng
