The Nigerian Investment Promotion Commission (NIPC) has tracked the sum of $8.99 billion as investment announcements into Nigeria for the third quarter of 2021.
The commission said the figure was 130 per cent more than the value in the corresponding period in 2020 ($3.95 billion).
Director, strategic services, NIPC, Abubakar Yerima, who made this disclosure in Abuja, explained that a total of 33 projects were tracked across eight states during the period.
Yerima noted that the month of August was the most active during the quarter, accounting for 64 per cent of the total announcements.
He stated that when compared to Q3 2020, the country saw a noticeable improvement in the level of confidence by the investing community post COVID-19.
According to him, Lagos State received the largest share of the announcements with 20 projects accounting for 81 per cent ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services and electricity.
Rivers State recorded $300 million worth of announcements in manufacturing and transportation, and Oyo State had $231 million announced in electricity and trade (e-commerce). The four states, he added, accounted for 87 per cent of the total investments.
“The top sectors by percentage are manufacturing (42%), electricity, gas, steam and air conditioning supply (25%), information and communications (23%) and transportation (7%).
The reports further disclosed that domestic investors were the most active during the period accounting for 47 per cent of the announcements, followed by announcements from South Korea (22%), South Africa (16%), and the Kingdom of Spain (6%).”
He further said that “This report is based only on the news articles cited in NIPC’s Newsletters published from July to September 2021; it may not contain exhaustive information on all investment announcements in Nigeria during the period.
“Nevertheless, the report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.”