From: Sisi Ochigbo, Abuja
The Nigerian Investment Promotion Commission yesterday announced the 2018 report showing that $90.9billion worth of proposed investment for 92 projects in 23 states including the federal capital territory, FCT.
As part of its mandate of encouraging, promoting and coordinating investment in the NIPC, it has released the report of investment announcement for 2018, the report is presented by sector, investors country of origin, destination and states.
This include, Mining & quarrying which accounted for 35% of the total value, manufacturing 24%, construction 20%, transportation and storage 15%, while other sectors accounted for 6%. Comparatively, the proposed investments for 2018 show a 27% growth in value year on year, from the USD$66.36 billion figure recorded in 2017.
In a statement by the commission, the 2018 announcements were from investors in 20 countries, with domestic investors accounting for 33% of the value, followed by investors from United Arab Emirates at 20%. France stood at 18%, United Kingdom 10%, and the remaining 19% were from other countries.
FCT was the biggest beneficiary of the announcements with 21% (by value). Rivers State accounted for 18%, Lagos and Bayelsa 14% & 13% respectively, while other states accounted for the balance of 34%.
The most active month was September with 12 projects reported, closely followed by December and February each with 11 projects. While September accounted for 22% of the total value, December and February were 19% and 1% respectively. The top 10 announcements totalled US$79.3 billion, representing 87% of the value of the
According to the report, NIPC sends out its NIPC Intelligence Newsletter 6 days a week. The Newsletter carries Nigerian investment-related news culled from various sources. As the Report is based only on investment announcements cited in NIPC’s Newsletters from January to December 2018, 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.