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Lagos leads FCT, 4 others in FDI as 31 states remain investment-dry in H1—NBS

Latest capital importation report from the National Bureau of Statistics (NBS), has shown that Lagos State is still enjoying its high return on investment as it lead the Federal Capital Territory (FCT) and four other states with flexible investment policies to lead in investment inflow between January and June this year.

Whereas Lagos State raked in the highest amount of $2.6bn within the period under review, Akwa Ibom followed with $52.44m.

Others in that order are as follows: FCT got $31.51m, Ogun State saw inflows of $5.31m; Oyo received $5.25m, while Rivers State attracted as low as $550,000 value of investments.

The rest states, according to the report can be said to have remained investment-dry between January and June this year.

On a sectoral analysis, NBS data shows that majority of the funds were invested as shares, which had the highest amount of $932.58m; agriculture, $23.71m; banking, $89.8m; brewing, $4.83m; construction, $1.71m; and consultancy, $4.2m.

Whereas oil and gas sector got $190.39m, drilling hit $1.21m; production received $141.42m, electrical got $6.38m; financing received $57.31m; Information Technology services was at $6.28m; while marketing managed to rise to $90,000.

Also, the service sector heralded about $145.56m; hotels, $170,000; telecoms, $174.18m; and trading, $12.53m.

The statistics however, tend to place some marginal level of doubts on some states government claims on the volume of FDI they had received in agriculture with the period under review.