Economy
Investment in Nigeria up By 75% in Q1 2021
The investments made in Nigeria increased by 75% to $8.41 billion in Q1 2021 from $4.81 billion in Q1 2020, the Nigerian Investment Promotion Commission (NIPC) has disclosed.
According to the NIPC’s first-quarter report (Q1 report), there is also an 8.38% increase compared to the investments made in the previous quarter (Q4, 2020) which stood at $7.76 billion.
The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-19-induced decline.
Bayelsa and Delta States, both in Southern Nigeria, emerged as top investment destinations during the period.
Bayelsa State received the largest share of investment with $3.6 billion in mining and quarrying.
Delta State came second with $2.94 billion in seaport construction and power transmission, followed by Akwa Ibom State with $1.4 billion announced in mining and quarrying.
Lagos State was fourth with the announcements totalling $0.26 billion in finance, insurance, and manufacturing.
The leading four destinations accounted for 97% of the total investments announced as against 56% in the corresponding period last year.
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