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Lagos leads as Nigeria Records $23.30 Billion Investment Announcements in 2021

Lagos leads as Nigeria Records $23.30 Billion Investment Announcements in 2021

The Nigerian Investment Promotion Commission (NIPC) has announced that Nigeria had a total of $23.30 billion in investment announcements for the year 2021, a 39% increase compared to $26.74 billion in 2020.

This was disclosed by Acting Executive Secretary of NIPC, Mr Emeka Offor at a press briefing in Abuja on Wednesday, according to the News Agency of Nigeria.

While Lagos State led the list for announcements at $8.7 billion, Nigeria’s Manufacturing sector had the highest number of projects (20) with  $10.5 billion dollars representing 45% of investment announcements.

The NIPC chief said the work for NIPC in the next five years has been appropriately defined by the National Development Plan 2021–2022 (NDP), which has projected a capital requirement of N348.7 trillion with 86% (N298.3 trillion) expected to be provided by the private sector.

“Mobilisation of this capital has become the focus of the commission. It is in this respect that the commission has begun the process of validating the records of the investment announcements.

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“We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria,’’ Offor said.

On 2021 investment announcements, it disclosed that 2021 saw announcements rise by 39% to $23.30 billion, higher than the $16.74 tracked in 2020, citing an increase in value, indicative of growing adaptation to the global ‘new normal’ after the economic disruption by restrictions imposed to check the spread of COVID-19 pandemic.

“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape,’’ he said.

“The top five states by value of investments, are Lagos (8.7 billion dollars), Bayelsa (3.6 billion dollars), Delta (2.9 billion dollars), Akwa Ibom State (two billion dollars), and Adamawa (one billion dollars).

“The manufacturing sector has the highest number of projects (20) as well as the highest value, 10.5 billion dollars representing 45%.

“The construction sector has 16%, electricity, gas, steam and air conditioning supply 13%, information and communication 12% and mining and quarrying nine percent made up the top five sectors for the year,’’ he added.

Last year NIPC announced that Nigeria’s manufacturing sector topped investment announcements for the 3rd quarter of 2021 with US$8.99 billion, attracting 42% of the investments in the country.

About Bukola Olanrewaju

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