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Investment In Nigeria Rises By 75% in Q1 2021

May 10, 2021
in Top Stories, Economy
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Investment in Nigeria rises by 75% in Q1 2021

Executive Secretary/CEO of NIPC, Yewande Sadiku.

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Nigeria recorded a 75% increase in investment during the the first quarter of 2021.

The increase was contained in a first quarter report released by the Nigerian Investment Promotion Commission (NIPC).

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According to the report, investments made in Nigeria increased by 75%, rising from $4.81 billion in Q1 2020 to $8.41 billion in Q1 2021.

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It also said there was an increase of 8.38% compared to the investments made in the previous quarter (Q4 2020) which stood at $7.76 billion.

The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline.

Highlights of the report were as follows.

Bayelsa and Delta states emerged top investment destinations during the period.

Bayelsa state received the largest share of investment with $3.6 billion in mining and quarrying.

Delta state came second with $2.94 billion in seaport construction and power transmission, followed by Akwa Ibom state with $1.4 billion announced in mining and quarrying.

Lagos State came fourth with announcements totalling $0.26 billion in finance, insurance, and manufacturing.

The leading four destinations accounted for 97% of the total investments announced as against 56% in the corresponding period last year.

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