The National Bureau of Statistics (NBS) has disclosed that Foreign Direct Investment (FDI) into Nigeria at the third quarter of 2021 recorded N714bn ($1.731bn), an 18.47 per cent increase when compared to the same period of 2020, with Lagos attracting 85 per cent of investment.

The figure indicated that the economy is recovering as the preceding quarter of 2021 generated just N361bn ($875.62m) while the corresponding year (2020) recorded N603bn ($1,461bn). The report disclosed that investment into Lagos State was N611bn followed by Abuja (FCT) valued at N102bn ($249.19 million) (14.39%), Anambra (0.44)%, Kano (0.15%) and Abia (0.1%). It stated that the largest amount of capital importation by type was received through portfolio investment, which accounted for N502bn 70.30% of total capital importation. “This was followed by Other Investment which accounted for 23.47% ($406.35million) and Foreign Direct Investment (FDI) amounted to 6.23% ($107.81million) of total capital imported in Q3 2021.” “By Sectors, capital importation into financing had the highest inflow of $469.17 million amounting to 27.10% of total capital imported in the third quarter of 2021. This was closely followed by capital imported into the Banking Sector valued at $460.39 million (26.59%) and Production sector $323.83 million (18.70%)”.