By Abubakar Yusuf
For decades after Nigeria’s capital moved to Abuja, the Federal Capital Territory (FCT) was often perceived as lagging behind Lagos in several development indices, despite substantial public and private investments.
However, recent data from the National Bureau of Statistics (NBS) indicates a significant shift in this narrative. In its latest report on capital importation, the NBS ranked the FCT as the leading destination for foreign capital inflows in Nigeria for the first quarter of 2025.
The report, titled Nigeria Capital Importation, Q1 2025, shows that the FCT attracted $3.04 billion during the period under review, surpassing Lagos State, which recorded $2.56 billion. This marks the first time Lagos has lost its long-held position as the top destination for foreign investment in the country.
Read Also: DSS Thwarts Gulf of Guinea Pirate Plot, Arrests Two Suspects in Bayelsa
According to the NBS, Nigeria recorded a total capital importation of $5.64 billion in Q1 2025, representing a 67.12 percent increase from the $3.37 billion recorded in Q1 2024. Compared to the preceding quarter (Q4 2024), the figure also rose by 10.86 percent from $5.08 billion.
The report further revealed that portfolio investment accounted for the largest share of capital inflow at $5.20 billion (92.25 percent), followed by other investments at $311.17 million (5.52 percent), while Foreign Direct Investment (FDI) recorded $126.29 million, representing 2.24 percent of total capital importation.
Out of the five states and the FCT that recorded capital importation during the quarter, the FCT accounted for 54.11 percent of the total inflow, while Lagos followed closely with 45.44 percent. Ogun, Oyo, and Kaduna states recorded significantly smaller figures.
Observers attribute this development to intensified infrastructure development, improved revenue systems, and administrative reforms in the FCT over the past two years under the leadership of the Minister of the Federal Capital Territory, Barrister Nyesom Wike, in alignment with the Federal Government’s Renewed Hope Agenda.
Beyond infrastructure expansion within the city centre and area councils, the FCT’s rising profile as an investment destination is also linked to improvements in fiscal supervision, urban renewal projects, and increased investor confidence.
The NBS figures underscore a notable shift in Nigeria’s investment landscape, with Abuja emerging as a central hub for capital inflows and economic activity.
Abubakar Yusuf writes from Abuja.
