Despite a shrinking overall foreign investment trend in Nigeria, the manufacturing sector saw a significant upsurge in 2023, attracting $1.5 billion, the highest among all sectors. This represents a 39% share of the total foreign investments received that year. However, compared to 2022, foreign investments in Nigeria dipped by $1.5 billion to $3.8 billion. Lagos remained the top destination for foreign investments, followed by Abuja. Worryingly, 29 states failed to attract any foreign investments in 2023, highlighting a concerning regional disparity. This continues a downward trend seen since 2019, with Nigeria attracting $18.6 billion less in foreign investments over the past four years. Lagos and the Federal Capital Territory continue to dominate foreign investment inflows, while eight states, primarily in the north and east, have seen no foreign investment in recent years.
