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).
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.
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.