Kano State Investment Promotion Agency (Kan-Invest) has debunked the report released by National Bureau of Statistics (NBS) that Kano state has received only $120,000 Foreign Capital Inflows in Q1 2025.
The report, published by sections of the media, stated that only 7 states attracted foreign capital in the first quarter of 2025, with Abuja and Lagos leading the pack, while other 30 states, including Kano, recorded insignificant inflows.
In a statement signed by the Director General of Kan-Invest, Muhammad Nazir Halliru, to set the record straight, in Q1-2025 alone, Kano has generated Foreign Direct Investment of over $22 million for renewable energy investment in the areas of Compressed Natural Gas (CNG) and Liquified Natural Gas (LNG) programs.
According to him, there are other investment proposals in the pipeline awaiting approval, which are more than what Kano had generated in Q1-2025 alone.
The DG said the data published by those media outlets, with reference to the NBS are wrong and should not be considered for reportage.”It is surprising to see an agency like NBS, which is relied upon by media for accurate and verifiable data, release wrong information without even contacting states for details,” he said.
The DG added that; “We are compelled to address a significant discrepancy in the reported Foreign Direct Investment (FDI) figures for Kano State in Q1 2025, as published by the National Bureau of Statistics and other media outlets. The report claimed that Kano State attracted a mere $120,000 in FDI, which is far from the actual figure, as per our capital importation, as the State was not contacted during this computation.
“According to our investment pipeline, Kano State attracted over $22 million in FDI in renewable energy and CNG programs alone in Q1 2025, a stark contrast to the reported amount, while facilitating other huge investments in the pipeline from foreign and domestic sources. “
This correction is essential to reflect the state’s true investment potential and attractiveness to global investors, as well as ongoing government reforms aimed at easing the business environment.
Keep a date with us as we publish our investment agenda (Multi-Sectoral Investment Strategic Plan), outlining our $10 billion targets for the next 5 years.
“The administration of His Excellency, Governor Abba Kabir Yusuf remains steadfast to ensure existing investments thrive, while also attracting new ones in line with the state investment agenda,” the DG clarified.
