Falling FDI and states’ wasteful spending - News Summed Up

Falling FDI and states’ wasteful spending


Between 2021 and the third quarter of 2023, these states failed to attract any of the $14.85 billion that international investors channelled into Nigeria. Many of the states on the list are among the lowest revenue-earning states in the country. NBS data showed that between 2018 and 2023, FDI into Nigeria had declined consistently. In the first three quarters of 2023, Nigeria only attracted a total FDI of $193.4 million. It is obvious that governors are spending the money their states don’t have, thereby piling debt for future generations.


Source: Punch January 29, 2024 14:11 UTC



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