In Two Years (2022 and 2023), WikkiTimes review has shown that except for Katsina, no Northwestern state received any form of capital importation.
According to a data review , Katsina state got 700,000 dollars as their capital importation in 2022 but never got any investment in 2023.
Capital importation means the inflow of foreign capital into a country for investment purposes, which takes various forms including Foreign Direct Investment (FDI), Portfolio Investment and loans from foreign entities. Capital importation is an important indicator of a country’s growth, job creation and infrastructural development.
Other northwest states of Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara State got no form of investments.
Capital importation such as foreign direct investment shows the level of investors’ confidence in a country’s economy and their willingness to take risks by committing their long term business interests in a state of the country.
Insecurity has been noted as affecting the growth of the Northwestern Nigeria economic capabilities. States like Kano, which prides itself as the Centre of Commerce in the count has also not been able to tap its potentials to attract investments.
Capital importation could also boost the revenue capacity of Northern states, assuming that investments were made into the states.
Northern states have been reported as having low internally generated revenue while relying heavily on the federal allocation to meet up with their fiscal responsibilities, a situation that has led to more worry for the region economic situation.
