Nigeria attracts $8.99bn investment in Q3 2021 -NIPC

Nigerian Investment Promotion Commission (NIPC) reports that $ 8.99 billion was tracked as investment announcements for the Q3 of 2021.

Director Strategic Services of the commission, Mr Abubakar Yerima, who disclosed this during a media interaction in Abuja noted that the announcement is130% more than the $3.95 billion dollars in the corresponding period in 2020.

He said a total of 33 projects were tracked across eight states during the period noting that the month of August was the most active during the quarter, accounting for 64% of the total announcements.

According to him, “The top 10 announcements accounted for 96% of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post-COVID-19.”

“Lagos State received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.”

“Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, and Oyo State had US231 million announced in electricity and trade (e-commerce). The 4 States accounted for 87% of the total investments.” He added.

Mr Yerima stated that the top sectors were manufacturing which recorded 42%, electricity, gas, steam and air conditioning supply 25%, information and communications 23%, and transportation (7%).

He added that domestic investors were the most active during the period accounting for 47% of the announcements, followed by announcements from South Korea with 22%, South Africa 16%, and the Kingdom of Spain 6%. (VON)