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Nigeria Witnessed $8.99bn Investment Announcement In Q3 Of 2021- NIPC

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First with the News

Nigeria Witnessed $8.99bn Investment Announcement In Q3 Of 2021- NIPC

November 2, 2021
in Economy, Top Stories
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By Chioma Iruke

A total of US$8.99 billion was tracked as investment announcements into Nigeria from July to September 2021, the Nigerian Investment Promotion Commission (NIPC) has said.

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Making the announcement public on Tuesday in Abuja, the Commission stated that the investment tracked in Q3 of 2021 was “130% more than the value in the corresponding period in 2020 (US$3.95 billion)”.

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According to NIPC’s Director of Strategic Services, Abubakar Yerima “a total of 33 projects were tracked across 8 States during the period. The month of August was the most active during the quarter, accounting for 64% of the total announcements.

“The top 10 announcements accounted for 96% of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post-COVID-19.

“In the period covered by the Report, Lagos State received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.

“Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, and Oyo State had US231 million announced in electricity and trade (e-commerce). The 4 States accounted for 87% of the total investments.

“The top sectors were manufacturing (42%), electricity, gas, steam and air conditioning supply (25%), information and communications (23%) and transportation (7%). Domestic investors were the most active during the period accounting for 47% of the announcements, followed by announcements from South Korea (22%), South Africa (16%), and the Kingdom of Spain (6%)”.

Tags: Investment AnnouncementsMinistry of FinanceNigerian Investment Promotion Commission
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