Compelled by results being churned out on their capital flows into the country, foreign investors gave priorities to two states and the Federal Capital Territory during the third quarter of 2018.
According to data made available to New Telegraph, during the quarter under review, Abuja had $2.5 billion capital inflow with a ranking of 42 per cent performance; Lagos, $1.6 billion capital inflow with a ranking of 30 per cent performance and Abia, $1.2 billion with a ranking of 23 per cent. The other states ranked between zero and 0.2 per cent.
The statistics, presented by the President, SME Secretariat, Mr. Derek Omole, during a multi-sectorial stakeholder’s economic management and organised private sector conference, anchored by the Secretariat, revealed that other states had not been working independently to increase foreign direct investment for development.
Omole, who reflected on the data drawn from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), said: “Perhaps the state governors do not have a proactive strategic industrial plan to develop their states. Maybe members of the organised private sector in those environments are not friendly enough. Institutional builders must crack their brains on developing the economy strategically.
“Foreign Direct Investment is essential to guarantee economic growth. In order to see where we are and plan for future progress.”