TheCable

The Nigerian Investment Promotion Commission (NIPC) says the investments announcements worth $29.91 billion were made in 2019.

This figure is 67% lower than the $90.89 billion investment announcements made in 2018.

According to a report released by the commission on its website, a total of 76 projects were announced across 17 states plus federal capital territory and offshore Nigeria.

The NIPC attributed the difference to the “uncertainty around 2019 as an election year in the country, which may have contributed to the perception of the economy, and ultimately affected investors’ sentiment”.

“Lagos state had the greatest number of projects with 33 followed at a distance by Ogun with five and Kaduna with three. In terms of value, $19.8 billion (66%) worth of investments was announced to be located offshore Nigeria, $2.6 billion (9%) in Lagos, and $1 billion (4%) in Ondo,” the report read.

“Further analysis of the announcements by sector showed that the investors preferred mining & quarrying $21.5 billion (72%), manufacturing $3.2 billion (11%), electricity, gas & water supply $2.3 billion (8%) and transportation & storage $2 billion (7%).

“Domestic investors were the most active, announcing 39 projects with a total worth of $10.8 billion (36%), followed by the Netherlands, one project worth $10 billion (33%), Canada, three projects worth $2.4 billion (8%), Morocco, two projects worth $2.1 billion (7%), Malaysia, two projects worth $1 billion and Singapore announced one project worth $1 billion (3%) each.”

The NIPC said the investment announcements were tracked with its intelligence newsletter which culls Nigerian investment-related news from various sources.

It further explained that the report may not contain “exhaustive information on all investment announcements in Nigeria during the period” but it “gives a sense of investors’ interest in the Nigerian economy”.

Featured image: Yewande Sadiku, executive secretary of the Nigerian Investment Promotion Commission (NIPC)