The Kano State Investment Promotion Agency (Kan-Invest) has dismissed recent reports by the National Bureau of Statistics (NBS) claiming that Kano received only $120,000 in foreign capital inflows during the first quarter of 2025.
The disputed report, which was widely circulated in some media outlets, suggested that only seven Nigerian states attracted foreign investment in that period, with Kano and 30 other states registering negligible inflows. Abuja and Lagos were said to be the leading states.
However, in a statement signed by the Director General of Kan-Invest, Muhammad Nazir Halliru, the agency clarified that Kano State actually attracted more than $22 million in Foreign Direct Investment (FDI) in renewable energy projects alone, focusing on Compressed Natural Gas (CNG) and Liquified Natural Gas (LNG) initiatives.
The DG expressed surprise over the NBS figures, saying, “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 further explained, “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 Halliru, Kano’s investment pipeline includes other proposals awaiting approval that exceed the already impressive $22 million generated in the first quarter alone.
He added, “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 DG also reaffirmed the commitment of Governor Abba Kabir Yusuf’s administration to fostering an enabling environment for current and future investments.
“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,” he added.
