Lagos attracts majority of Nigeria’s foreign capital
LAGOS, NIGERIA — Lagos garnered the largest share of foreign capital inflow into Nigeria in the first quarter of 2023, accounting for 62% of the total US$1.13 billion.
The state, known as the “crown subnational jewel of the African economy,” secured investments worth US$704 million.
Lagos Governor Babajide Sanwo-Olu assured investors the state is the right place for investments.
He added that they remain ripe for future ventures, especially in the financial technology, education technology, health technology, Business Process Outsourcing (BPO), talent training, and placement sectors.
Sanwo-Olu also emphasized Lagos’ potential investments in physical infrastructure, including data centers.
Meanwhile, the Federal Capital Territory emerged as Nigeria’s second top investment destination, with US$410.27 million — representing 36% of the total capital inflow in the country.
Other states that attracted foreign investments in Q1 2023 are Akwa Ibom (US$5.21 million), Adamawa (US$4.50 million), Anambra (US$4 million), and Ogun (US$2.09 million).
