Eight Nigerian States Get Zero Investments in Four Years | Business Edge | 25/04/2023

At least eight states in Nigeria have failed to attract any foreign investments but piled up N194.09bn debt between 2019 and 2022.

Data from the Capital Importation reports of the National Bureau of Statistics revealed that Bayelsa, Gombe, Ebonyi, Jigawa, Kebbi, Taraba, Yobe and Zamfara did not attract any foreign investments to their states.

Meanwhile, data from the Subnational Debt reports of the Debt Management Office showed that these states had a combined domestic and external debt of N710.38bn in 2019. By 2022, the combined debt of these eight states had risen to N904.47bn, showing a difference of N194.09bn.

According to the World Bank, the increase in debts are due to low allocation from the Federation Account, which weakens the fiscal condition of the states.

GUEST
Muktar Mohammed
Financial Analyst & CEO, Asheer Dynamic Solutions

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