Nigeria Records N3.5trn Investment Announcements In Q1 2021

BY KINGSLEY ALU, Abuja

The Nigerian Investment Promotion Commission (NIPC) has disclosed that  N3.5trillion  ($8.41bn) was tracked as investment announcements for Q1 2021, which is about 75 per cent more than the value in the corresponding period in 2020 when it recorded $4.81 billion.

Executive secretary, Ms Yewande Sadiku dropped this hint yesterday during an interactive session with the media highlighting the first quarter achievement of the Commission in Abuja.

Sadiku explained that the latest figure reflects a gradual return of investors’ confidence on the nation’s economy after   the COVID-19 induced decline in the previous year.

She said the NIPC tracked a total of 15 projects across eight states in the period under review.

Giving a breakdown, Sadiku revealed  that Bayelsa State received the largest share of the announcements with $3.6 billion in mining and quarrying, followed by Delta State which recorded $2.94 billion worth of announcements in seaport construction and power transmission line.

Others include; Akwa Ibom State which had $1.4 billion announced in mining and quarrying, and Lagos State with announcements totalling $0.26 billion in finance, insurance, and manufacturing.

She also explained that the report showed that the leading four destinations this quarter accounted for 97 per cent  of the total investments announced as against 56 per cent  in the corresponding period last year.

According to her, manufacturing and construction were the top sectors with record 60 per cent, and 34 per cent respectively.

Sadiku noted that domestic investors were the most active during the period accounting for 35 per cent  of the announcements, followed by announcements from Morocco (17 per cent), the United Kingdom (3 per cent) and the USA (1 per cent ).

“We’ve been honest that the gap between announcements and actual investment demonstrate potential, we’ve also said that a more proactive approach to investors support across federal and state level is required to convert more announcements to actual investments.

”If we convert 10 per cent or 20 per cent of investment announcements it will make a material change but you cannot get to the point of conversion if you don’t know what you are looking for,” she added.

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