Investment Commitment Dropped by 67 Percent in H1 – NIPC

The total investment commitment by investors in Nigeria between January and June 2020 is $5.06bn, the Nigerian Investment Promotion Commission (NIPC) has said.

It, however, stated that this was 67 per cent ($10.9bn) less than the value recorded in the first half of 2019, which was $15.15bn.

The commission disclosed this in a report obtained in Abuja on Sunday and explained that the decline was consistent with the expected downward pressure on investment inflows given the impact of the COVID-19 pandemic.

The NIPC report showed that a total of 34 projects across 16 states and the Federal Capital Territory were announced by investors from Nigeria and three other countries.

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It said the top destinations during the period were Kaduna, $2.61bn; Lagos, $221m; Nasarawa, $56m; Ekiti, $50m; and Cross River, $15m.

Similarly, some of the top sectors, according to the report, were transportation and storage, 40 per cent; information and communication, 32 per cent: and mining and quarrying, 22 per cent.

It said the United States of America was the most active source of investments during the period with 43 per cent of the announcements.