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| - AN X user, @xagreat, has claimed that Kaduna State has not attracted a single Foreign Direct Investment since its former governor, Nasir El-Rufai, left office in May 2023.
The post read:
“Since Elrufai left office, Kaduna state has not attracted a single Foreign Direct Investment. This is what you call retrogression. We will retire Uba Sani in 2027 to rescue Kaduna from further sinking.”
READ: Fact-checking El-Rufai’s claims on Tinubu-led govt, APC
The post has generated over 14,000 views with more than 200 likes and 80 reposts as of March 2, 2025.
CLAIM
Kaduna has not attracted Foreign Direct Investment after El-Rufai left office.
THE FINDINGS
Findings by The FactCheckHub show that the claim is FALSE.
Foreign Direct Investment (FDI) refers to investments made by individuals or companies from one country into business ventures in another, typically involving ownership or significant control of assets.
Unlike portfolio investments, which involve passive ownership of financial securities, FDI often entails the establishment of factories, offices, or other physical operations, bringing direct economic engagement. It is a key driver of globalization, enabling capital, technology, and expertise to flow across borders and fostering business expansion and economic integration.
For states in Nigeria, FDI plays a crucial role in economic development by injecting much-needed capital into various sectors, leading to job creation and industrial growth. Many states struggle with underdeveloped infrastructure, limited economic diversification, and high unemployment rates, all of which FDI can help address.
ALSO READ: False claims that El-Rufai defects to PDP circulate on X
When foreign investors establish businesses or form partnerships, they bring new technologies, skills, and management practices that enhance productivity and competitiveness. This leads to broader economic benefits, including increased government revenue through taxation and improved access to global markets.
According to the Capital Importation report for the first three quarters of 2024 published by the National Bureau of Statistics (NBS) in December 2024, Kaduna was the only northern state to attract foreign direct investment (FDI) to the tune of $1.95 million.
The report revealed that Nigeria’s total capital importation in the first nine months of the year was $7.1 billion.
THE VERDICT
The claim that Kaduna state has not attracted a single foreign investment since El-Rufai left office is FALSE; NBS data show that the state attracted FDI to the tune of $1.95 million in Q3 of 2024.
EDITOR’S NOTE:
The feature image has been changed to show the map of Kaduna State in Nigeria.
Nurudeen Akewushola is a fact-checker with FactCheckHub. He has authored several fact checks which have contributed to the fight against information disorder. You can reach him via [email protected] and @NurudeenAkewus1 via Twitter.
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