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Lagos and the Federal Capital Territory, Abuja, accounted for virtually all foreign capital imported into Nigeria in 2025, receiving a combined $23.36 billion or 99.81 per cent of total inflows, according to the latest investment figures.

The development underscores the growing concentration of foreign investment in the country’s two largest commercial and administrative centres, leaving the remaining states to compete for less than one per cent of total capital imports.

Economic experts said Lagos continued to attract investors because of its status as Nigeria’s financial hub, extensive infrastructure, seaports, airports and concentration of multinational companies. Abuja, they added, benefited from increased investment in real estate, public infrastructure, government-related services and telecommunications.

Analysts noted that the dominance of the two cities reflects investor preference for locations with relatively stronger infrastructure, larger consumer markets and easier access to financial institutions.

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While the figures highlight Nigeria’s ability to attract foreign capital despite global economic uncertainties, economists expressed concern over the uneven distribution of investment across the federation.

They argued that states outside Lagos and Abuja require improved infrastructure, enhanced security, stable regulatory environments and investment-friendly policies to attract both local and international investors.

Business groups also urged state governments to develop sector-specific investment opportunities in agriculture, mining, manufacturing, tourism and technology to diversify capital inflows.

According to development experts, decentralising investment would stimulate industrial growth, create employment opportunities and reduce regional economic disparities.

They further recommended greater collaboration between federal and state governments to improve transport networks, electricity supply and digital infrastructure capable of supporting large-scale investments.

Financial analysts believe the recent economic reforms undertaken by the Federal Government have improved investor confidence nationwide but said sustained reforms at sub-national levels are equally important to unlock investment opportunities across all regions.

The concentration of capital imports in Lagos and Abuja has reignited calls for stronger economic diversification strategies that would enable more states to compete effectively for foreign direct investment.

Observers say balanced regional development remains critical to achieving inclusive economic growth and ensuring that the benefits of increased foreign investment reach communities across Nigeria.