The Nigerian Investment Promotion Commission (NIPC) has released the first Quarter 2018 report on investment announcements in Nigeria.
The report disclosed that in the first quarter of 2018, NIPC tracked $17.88billion worth of investment announcements in 32 projects across 8 states, almost 3 times the $6.38bn tracked in Q1 2017, suggesting increasing investor interest in Nigeria.
These private capital investment intentions, according to the report, were in 32 projects in several sectors which include oil & gas, services, manufacturing and agriculture spanning across Lagos, Ogun, Niger, Gombe, Kano states among others.
The report noted that the interests originated from United Kingdom, Nigeria, United States, China, and Switzerland.
Royal Dutch Shell, Dangote Plc., General Electric, Hydropolis Nigeria Ltd and China Energy Engineering Cooperation top the list of companies with investment interests in the economy, adding that these announcements were for new projects and or expansion of existing ones.
In 2017, when NIPC started tracking investment announcements, $66.36billion worth of announcements in 112 projects across 27 states and the FCT were noted. Although these are investment announcements and do not suggest actual investments, they give a sense of investor interest in Nigeria.
In terms of actual capital flows, in 2017, the report said Nigeria recorded $12.4billion of capital flows, compared to only $5.1billion in 2016. The flows increased progressively from Q1 2017, with each quarter materially higher than the corresponding period in 2016.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]