For the first time in recent history, the Federal Capital Territory (FCT), Abuja, has overtaken Lagos as Nigeria’s top destination for foreign investment, according to a new report by the National Bureau of Statistics (NBS).
The report, titled Nigeria Capital Importation, Q1 2025, and cited by Hobnob News, revealed that the FCT attracted $3.04 billion in foreign capital in the first quarter of 2025, edging past Lagos State which recorded $2.54 billion during the same period.
According to Hobnob News, this marks the first time Lagos has lost its position as the country’s leading recipient of foreign investment.
Trailing behind the two economic hubs were Ogun State with $7.95 million, Oyo State with $7.81 million, and Kaduna State with $4.06 million in foreign capital inflows.
The report indicated a total capital importation of $5.64 billion for Q1 2025, representing a 67.12% increase from the $3.37 billion recorded in Q1 2024. It also showed a 10.86% rise compared to the $5.08 billion received in Q4 2024.
Portfolio investment dominated the capital inflow categories, accounting for $5.20 billion (92.25%), followed by other investments at $311.17 million (5.52%), while Foreign Direct Investment (FDI) lagged behind with just $126.29 million (2.24%).
The banking sector led the sectors receiving foreign capital, attracting $3.12 billion or 55.44% of the total, followed by the financing sector with $2.09 billion (37.18%), and the production/manufacturing sector with $129.92 million (2.30%).
The United Kingdom emerged as the largest source of capital importation, contributing $3.68 billion or 65.26% of the total. It was followed by South Africa with $501.29 million (8.88%) and Mauritius with $394.51 million (6.99%).
Out of the five Nigerian states that received capital during the quarter, the FCT accounted for 54.11%, while Lagos followed with 45.44%. Ogun, Oyo, and Kaduna States received less than 1% each.
Standard Chartered Bank Nigeria Limited topped the list of financial institutions receiving foreign capital with $2.10 billion (37.29%), followed by Stanbic IBTC Bank PLC with $1.39 billion (24.78%), and Citibank Nigeria Limited with $1.05 billion (18.66%).
The report underscores a significant shift in Nigeria’s investment landscape, with the FCT emerging as a new powerhouse for foreign capital inflows.
