Capital importation in Nigeria fell by 20 % in 2022, dropping from $6.7 billion in 2021 to $5.3 billion, according to the National Bureau of Statistics’ Capital Importation report. Capital inflows represent the net purchase of domestic assets by foreign investors and encompass three main categories—Foreign Direct Investment, Portfolio Investment, and Other Investments—each with various sub‑categories.
In 2022, 27 states recorded zero foreign investment. The top destinations for foreign capital were Lagos State, which attracted $3.59 billion, and the Federal Capital Territory, Abuja, which received $1.62 billion. Other states that received modest inflows included Akwa Ibom, Anambra, Ekiti, Enugu, Katsina, Kogi, Oyo, and Plateau.
During the first quarter, six states—Abuja, Anambra, Katsina, Lagos, Oyo, and Plateau—collectively attracted $1.57 billion in capital importation. In the second quarter, total inflows amounted to $1.54 billion, with Lagos leading at $1.05 billion, followed by Abuja ($453.95 million), Anambra ($24.71 million), Kogi ($2 million), and Ekiti ($0.5 million). The third quarter saw $1.1 billion in capital importation, while the fourth quarter recorded $1.06 billion across nine states, including the FCT.
A number of states failed to attract any foreign investment in 2022. These include Abia, Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Gombe, Imo, Jigawa, Kaduna, Kebbi, Nasarawa, Kwara, Kano, Niger, Ogun, Ondo, Osun, Rivers, Sokoto, Taraba, Yobe, and Zamfara.
The three largest sources of capital inflows into Nigeria in 2022 were the United Kingdom, the United States, and South Africa.
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