Despite efforts to attract capital into Nigeria’s subnational economies, only six states and the Federal Capital Territory (FCT) secured any form of Foreign Direct Investment (FDI) in the first quarter of 2025, leaving Ondo and Osun States absent from the list.
According to the latest figures released by the National Bureau of Statistics (NBS), Nigeria attracted a total of $5.63 billion in capital inflow in Q1 2025. Of this amount, the FCT led with $3.05 billion, followed by Lagos State with $2.56 billion. Ogun, Oyo, Kaduna, Kano, and Ekiti also recorded varying levels of investment.
Breakdown of Q1 2025 FDI inflows by state:
- FCT: $3.05 billion
- Lagos: $2.56 billion
- Ogun: $7.95 million
- Oyo: $7.81 million
- Kaduna: $4.06 million
- Kano: $117,000
- Ekiti: $4,250
The absence of Ondo and Osun from the FDI chart is raising concern among economic watchers and stakeholders in the Southwest geopolitical zone. Analysts have warned that without intentional efforts to create a conducive environment for investment, some states may continue to lag behind in economic competitiveness and job creation.
Experts say Ondo State, with its vast natural resources, coastline, agricultural potential, and emerging MSME ecosystem, should not be missing from the top FDI destinations in the country. They argue that the state’s underperformance in attracting capital calls for urgent policy action.
Speaking on the development, policy analysts urged the administration of Governor Lucky Orimisan Aiyedatiwa to intensify its economic diplomacy, improve the ease of doing business, enhance security, and fast-track infrastructure projects that can attract both local and foreign investors.
“There is no reason Ondo State should not be a prime destination for foreign investment, especially in agriculture, tourism, renewable energy, and the blue economy. What is required now is deliberate, investment-focused governance that sends the right signals to global investors,” one economic consultant said.
Stakeholders believe that with the right incentives, streamlined regulations, and active promotion of investment opportunities, Ondo can reclaim its position as an emerging economic hub in Nigeria’s Southwest.
