By Emmanuel Nduka
The Nigerian Investment Promotion Commission (NIPC) has revealed that the value of investment announcements in the first three months of 2022 was $8.41 billion, a 69 percent or an equivalent of $2.58 billion step down from what was announced in the first quarter of 2021.
NIPC revealed this in a report published on Tuesday on its website, which also stated that the investment commitments in Q1 2022 cut across 33 projects and five states, alongside the Federal Capital Territory (FCT).
Within this period according to the report, the manufacturing sector attracted the highest investment commitments of $1.1bn, which is 45 percent of the total commitments, followed by the agriculture sector with $0.64bn, which is 25 percent of the total commitments.
The report added that Sokoto State attracted the highest investment commitments of $1.05bn, which is 41 percent of the total commitments, followed by Lagos State with $0.88bn, which was 34 percent of the entire commitments.
Up to $1.13bn investment commitments came from Nigerian investors, which formed 44 percent of the whole commitments.
United States investors made $1.01bn investment commitments, which is 39 percent of the entire commitments in Q1 2022, while other major sources were the United Kingdom, 8 percent, the United Arab Emirates and Austria with 4 percent respectively.