The Kano State Investment Promotion Agency (Kan-Invest) has debunked a recent report released by National Bureau of Statistics (NBS) that the State received only $120,000 Foreign Capital Inflows in the first quarter of 2025.
The report, published by thr the media, stated that only seven States attracted foreign capital in the first quarter of 2025, with Abuja and Lagos leading the pack, while 30 other States, including Kano, recorded insignificant inflows.
But, the Agency’s director-general, Muhammad Halliru, in a statement made available to journalists on Saturday night, said Kano State has generated Foreign Direct Investment (FDI) of over $22 million for renewable energy investment in the areas of Compressed Natural Gas (CNG) and Liquified Natural Gas (LNG) programmes in Q1 2025 alone.
According to him, there were other investment proposals in the pipeline awaiting approval, which are more than what Kano State had generated in Q1-2025.
Halilu said the data published by some media outlets, with reference to the NBS, was 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.
“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,ā the DG clarified.
