Soludo Attracted No FDI in Five Years? Claim on Anambra, Otti’s Abia Investment Record Sparks Debate

A social media claim comparing the foreign direct investment records of Anambra State Governor, Chukwuma Soludo, and his Abia counterpart, Alex Otti, has sparked fresh discussion over the ability of state governments to attract foreign capital.

The claim, posted by an X user identified as Chijioke, Ph.D., Nuclear Engineering, alleged that Soludo, a professor of economics, had not attracted a single foreign direct investment (FDI) into Anambra State during his five years as governor.

The post further claimed that Otti had attracted $159 million in FDI within three years of governing Abia State, making the state the country's third-largest FDI destination.

However, available data and fact-checking reports show that the figures require some clarification.

Data from the National Bureau of Statistics (NBS) showed that Abia attracted $150.09 million in foreign investment in 2023, making it one of only a handful of Nigerian states to record foreign capital inflows that year. Lagos and the Federal Capital Territory recorded substantially higher inflows.

A January 2024 analysis of NBS capital-importation data also reported that Abia attracted about $150.1 million in the third quarter of 2023, its first recorded foreign investment inflow in almost two years.

Otti subsequently said in November 2024 that Abia had attracted almost $151 million in FDI between June 2023 and June 2024 and that the state had moved from number 27 to number three in the FDI ranking.

A fact-check by the Foundation for Investigative Journalism, however, found that the NBS figure for the relevant period was $150.09 million, not $159 million. It also reported that Otti's own statement during the media parley was approximately $150.9 million, meaning the $159 million figure circulating online appears to be a numerical error.

The claim that Anambra attracted zero FDI under Soludo also requires qualification.

NBS-based reporting showed that Anambra recorded about $4 million in foreign investment in 2023. A separate report on first-quarter 2024 capital importation said Anambra recorded no investment in that quarter.

This means the blanket statement that Anambra attracted no foreign investment during Soludo's tenure cannot be established from the cited NBS data.

Soludo became governor of Anambra in March 2022, according to the Anambra State Government.

The figures highlight the uneven distribution of foreign capital across Nigeria's states.

NBS data for 2023 showed Lagos and the FCT dominating capital inflows, while only a small number of other states recorded significant foreign investment. Abia's $150.09 million placed it among the states that attracted notable inflows during the period.

The comparison between Anambra and Abia therefore provides material for a wider discussion about state-level investment promotion, infrastructure, business conditions and policies designed to attract investors.

For now, the specific social media claim that Soludo attracted “not a single” FDI while Otti attracted $159 million should be treated cautiously. The available figures support a substantial FDI inflow into Abia, but the amount is closer to $150 million, while NBS data also show that Anambra recorded foreign investment during the period under review.