NIPC Tracks $16.74bn Investment In 2020

The Nigerian Investment Promotion Commission (NIPC) has reported that $16.74billion was tracked as investment announcements for the year 2020.

From its investment intelligence newsletter, this amount is 44 per cent less than the value tracked in 2019 which stood at $29.91billion.

The report said the drop in value could be attributed to the economic impact brought about by Covid-19 pandemic, which disrupted not only Nigerian economy but global value chains and capital flows.

A similar downward trend is expected for actual investments recorded in Nigeria and globally.

In its Intelligence Newsletter, NIPC stated that it tracked a total of 63 projects across 21 states and the Federal Capital Territory during the year.

Twenty-four of the projects were planned for Lagos State, followed by Kaduna and Ekiti states with five projects each.

In terms of value, the top five states are: Rivers State with $6billion; Kaduna State with $2.8billion; Kogi State with $1billion; Lagos State with $0.89billion; and Ogun State with $0.08billion.

The data further showed that the manufacturing sector had the highest number of projects (10) as well as the highest value, which stood at $8.4billion (50%).

Transportation and storage had (28%), information and communication had (11%), mining and quarrying had (6%), while finance and insurance (3%) made up the top five sectors for the year.

Singapore accounted for 36% of the projects announcements tracked during the period.

Other major sources were China (22%); United States of America (15%); South Africa (10%); United Kingdom (9%) and domestic investors (8%).

This report is inexhaustive on all investment announcements in Nigeria during the period.

Nevertheless, it gives a sense of investors’ interest in the Nigerian economy for planning, decision making and policy design across board.