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About $8.9b investments came in the country in the third quarter of the year, according to the Nigeria Investment Promotion Commission (NIPC).

The figure is 170 per cent more than what came in at the same period last year, according to the agency. It puts the figure of the investment in Q3 2020 at $3.95 billion.

The NIPC Director of Strategy Service, Abubakar Yerima, said 33 projects were tracked across eight states during the period. Lagos, Rivers, and Oyo States accounted for more than 87 per cent of the total investments.

He identified August as the most active month in the quarter under review, accounting for 64 per cent of the total investments. According to Yerima, Compared to Q3 in 2020, there was a marked increase in the level of activities from the investing community in the post-COVID-19.

He went further saying that within the period covered by the report, Lagos State received the largest share of the announcements with 20 projects, accounting for 81 per cent (or $7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, as well as in electricity.

“Rivers State recorded $300 million worth of announcements in manufacturing and transportation, while Oyo State had $231 million announced in electricity and trade (e-commerce).” Yerima reported.

The NIPC Director listed the top sectors as manufacturing (42 per cent), electricity, gas, steam and air conditioning supply (25 per cent), information and communications (23 per cent) and transportation (seven per cent).

Explaining further he said “Domestic investors were the most active during the period, accounting for 47 per cent of the announcements, followed by others from South Korea (22 per cent), South Africa (16 per cent), and Spain (six per cent).

Citing the NIPC’s Intelligence Newsletter containing various sources publication of Nigerian investment-related news, Yerima said: “This report was based only on the news articles cited in NIPC’s Newsletters published from July to September 2021, it may not contain exhaustive information on all investment announcements in Nigeria during the period. Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy.”

 

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