The Nigerian Investment Promotion Commission (NIPC) has reported that the nation received $8.4b investment announcement inflows in the first quarter of 2021.
The Executive Secretary of NIPC, Yewande Sadoku, noted that although investment announcements are not investments, they indicate investors’ interest in Nigeria.
“We have been honest that the gap between announcement and actual investment demonstrate potential. We have also said that a more proactive approach across federal and state governments 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 do not know what you are looking for.”