Osun, Four Others Fail To Attract Capital Importation In Q1 2024

The National Bureau of Statistics (NBS) has revealed that Osun and three other states from the South-West part of the country failed to attract capital importation in the first quarter (Q1) of 2024.

The three other states from the same geo-political zone are Ondo, Oyo and Ogun; while their neighbouring Kwara State from the North Central geopolitical zone also joined in the shortfall.

The ‘Nigeria Capital Importation’ report by NBS reveals that in the South-West, only Ekiti and Lagos State reported capital importation in the period under review.

The bureau disclosed that Ekiti State imported $0.01 million in Q1 2024 and Lagos State with about $2,782.41 million in Q1 2024, contributed 82.4 per cent of the total $3,376.01 million total capital importation by States in Nigeria.

READ: Iyaloja Writes Osun Govt, Demands Withdrawal Of Letter Terminating Appointment 

“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2,782.41 million, accounting for 82.42 per cent of the total capital imported.

“Abuja (FCT) followed with $593.58 million (17.58 per cent), and Ekiti State with $0.01 million,” the report by NBS revealed.

Further checks by OSUN DEFENDER revealed that Osun, Oyo, and Kwara states did not record any capital importation in the 2023 calendar year.

The report disclosed that, Lagos, $2,503.44 million; Ogun, $27.09 million; Ondo, $0.20 million and Ekiti, $0.05 million out of the total $3,905.99 million capital importation in 2023.

According to NBS, in Q1 2024, the total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06 per cent.

The report stated, “In comparison to the preceding quarter, capital importation rose by 210.16 per cent from $1,088.48 million in Q4 2023.