Abuja has overtaken Lagos to become the leading destination for foreign capital inflows into Nigeria, according to the latest report from the National Bureau of Statistics (NBS).
The report titled Nigeria Capital importation, Q1 2025, said the FCT attracted $3.04bn to come first from the $2.54bn Lagos attracted during the period.
According to Daily Trust’s report, this will be the first time Lagos will lose its first place as the top destination for foreign investment into the country.
The report added that Lagos is followed by Ogun State with $7.95m, Oyo with $7.81m and Kaduna with $4.06m.
The report went on to state that the country generated a total capital of $5.64bn, which is higher than the $3.37bn recorded in Q1 2024, indicating an increase of 67.12 percent.
It added that in comparison to the preceding quarter of Q4 2024, capital importation increased by 10.86 percent from $5.08bn.
It explained that Portfolio Investment ranked top with $5.20bn, accounting for 92.25 percent, followed by other investments with $311.17m, accounting for 5.52 percent and Foreign Direct Investment recorded the least with $126.29m (2.24 percent) of total capital importation in Q1 2025.
“The Banking sector recorded the highest inflow with $3.12bn, representing 55.44 percent of total capital imported in Q1 2025, followed by the Financing sector, valued at $2.09bn (37.18 percent), and Production/ Manufacturing sector with $129.92m (2.30 percent).
“Capital Importation during the reference period originated largely from the United Kingdom with $3.68bn, showing 65.26 percent of the total capital imported. This was followed by the Republic of South Africa with $501.29m (8.88 percent) and Mauritius with $394.51m (6.99 percent).
Only five Nigerian states attracted foreign capital in the first quarter of 2025, with Abuja leading the pack by securing $3.04 billion, which made up over half of the total inflows. Lagos followed closely with $2.56 billion, while other states trailed far behind. Ogun brought in $7.95 million, Oyo recorded $7.81 million, and Kaduna received $4.06 million.
In terms of financial institutions, Standard Chartered Bank Nigeria Ltd accounted for the largest share of capital importation during the period, attracting $2.10 billion.
It was followed by Stanbic IBTC Bank PLC with $1.39 billion and Citibank Nigeria Limited with $1.05 billion, reflecting the dominance of these banks in handling foreign investments into the country.
