The Kano State Investment Promotion Agency (Kan-Invest) has dismissed a National Bureau of Statistics (NBS) report claiming that the state received only $120,000 in foreign capital inflows in the first quarter of 2025.
The NBS data, reported by some media outlets, stated that only seven states attracted foreign capital in Q1 2025, with Abuja and Lagos leading, while the remaining 30 states, including Kano, recorded insignificant inflows.
In a statement signed by its Director General, Muhammad Nazir Halliru, Kan-Invest said the figures were wrong.
He explained that Kano attracted over $22 million in Foreign Direct Investment (FDI) in Q1 2025 for renewable energy projects in Compressed Natural Gas (CNG) and Liquified Natural Gas (LNG).
According to him, there are more investment proposals in the pipeline awaiting approval, worth more than the Q1 2025 total.
He expressed shock that an agency like NBS, would release wrong information without contacting states for details.
The DG continued, “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.”
The DG also noted that the correction is essential to reflect the state’s true investment potential and attractiveness to global investors.
He also said there is ongoing government reforms aimed at easing the business environment.
Director General, Muhammad Nazir Halliru said Kano investment agenda (Multi-Sectoral Investment Strategic Plan), outlining our $10 billion targets for the next 5 years would be published soon.
He assured that the Kano state government, under Abba Kabir Yusuf remains steadfast to ensure existing investments thrive, while also attracting new ones in line with the state investment agenda.
