An X user, @xagreat, claimed that Kaduna state has not attracted a single foreign direct investment (FDI) since Nasir el-Rufai, its former governor, left office.
The X user also said by 2027, during the next election, Uba Sani, the state governor, would be removed to save Kaduna from “sinking.”
“Since Elrufai left office, Kaduna state has not attracted a single Foreign Direct Investment. This is what you call retrogression,” the post reads
“We will retire Uba Sani in 2027 to rescue Kaduna from further sinking.”
The post had attracted over 14,000 views, 232 likes, and 78 reposts as of March 4.
WHY IS FDI IMPORTANT?
FDI is an investment from a party in one country into a business or corporation in another country to establish a lasting interest.
It is a major economic driver that creates employment opportunities, expands businesses, increases tax revenue, develops a state, and increases a country’s external reserves.
Also, foreign direct investment serves as an economic performance indicator, as states that fail to attract FDI are seen as not lucrative to investors.
VERIFICATION
Sani was sworn in as Kaduna governor on May 29, 2023.
CableCheck reviewed the capital importation from the National Bureau of Statistics (NBS) from the third quarter (Q3) of 2023 through the third quarter of 2024.
The data showed that Kaduna had no FDI between Q3 of 2023 and the second quarter (Q2) of 2024.
In its last capital importation report of 2024, NBS reported that Kaduna attracted $1.95 million in investments in Q3 2024.
NBS said Kaduna was among the five states that recorded capital importation during the quarter, with the $1.95 million representing 0.16 percent of the total FDI of $1.25 billion recorded by Nigeria within Q3 2024.
VERDICT
The claim that Kaduna has not attracted FDI since el-Rufai left office is false.
