WED 03 NOV, 2021-theGBJournal- Nigerian Investment Promotion Commission (NIPC) reports that US$8.99 billion was tracked as investment announcements for the Q3 of 2021, 130% more than the value in the corresponding period in 2020 (US$3.95 billion).
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%).
Mr Emeka Offor, Acting Executive Secretary of the Commission said Tuesday the Commission is putting in place a mechanism that would allow the NIPC to validate these announcements and progress them from mere announcements to actual investments.
‘’The report gives a sense of investors’ interest in the Nigerian economy’’ NIPC said in their report, noting that it did not independently verify the authenticity of the investment announcements.
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