Moghalu says Nigeria not attractive for foreign investors

Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, expressed his concern over the decreasing Foreign Direct Investment (FDI) in the country, which he says has hit a nine-year low.

In a statement made via his verified Twitter handle on Thursday, April 06, 2023, Moghalu disclosed that he would feel hesitant to invest in Nigeria if he were a foreign investor.

Moghalu noted that the country possesses a lot of potential but had suffered from economic mismanagement.

He stated, "It is not surprising that Foreign Direct Investment (FDI) into Nigeria is down to the lowest levels in 9 years. If I was a foreign investor I would be very scared to invest in a country with so much potential but which has been so mismanaged economically."

Foreign investors shun Kano, Rivers, Ogun, 24 states

Foreign investments in Nigeria decreased by 20.47% ($1.37bn) in 2022, with Kano, Rivers, Ogun and 24 other states being avoided by foreign investors, while Lagos remained the preferred destination for investment, attracting 67.82% ($3.61bn) of the total investments in the country.

Other states that attracted foreign direct capital in 2022 include the Federal Capital Territory ($1.63bn), Akwa-Ibom ($42.52m), Anambra ($36.97m), Ekiti ($0.51m), Ondo ($0.20m), Oyo ($3m), Plateau ($0.04m), Katsina ($0.70m), and Kogi ($2m), according to the National Bureau of Statistics ‘Nigeria’s Capital Importation’ reports for the first, second, third, and fourth quarters of 2022.