Nigeria Investment Promotion Commission (NIPC) has said Nigeria’s annual investment inflows averaged $13 billion (about N4.940 trillion) in the last five years.
Speaking at the ongoing Nigeria Finance Online on Wednesday, the Head of NIPC’s Strategic Communications, Emeka Offer, said data showed that Foreign Portfolio Investment accounts for about 60 per cent of the inflows while Foreign Direct Investment accounts for less than 10 per cent.
“FDI has grown to be an important source of capital for sustainable development in most developing countries. Nigeria’s development plan has always factored in the inflow of private capitals,” he said.
The Executive Secretary of the NIPC, Ms Yewande Sadiku, said the bulk of Nigeria’s investment opportunities sits in states.
Ms Sadiku said the commission compiled the “Book of States” to showcase the investment opportunities in subnational levels in the country.
She encouraged foreign investors, who are yet to invest in Nigeria, to do so as the investment opportunities in states are enormous.
The Head of Anambra State Investment Promotion and Protection Agency, Jide Ikeako, said the state has been successful in attracting investments.
Ikeako said the Agency manages the state’s investment portfolios in addition to helping investors’ success.
The Head of Lagos State Office of the Sustainable Development Goals and Investment, Solape Hammond, said Lagos State has been encouraging businesses and protecting investments to make doing business easier in the state.
Hammond said in 2020, Lagos State did not introduce new taxes, but rather reduced taxes and even deferred payments of loans due to the coronavirus pandemic and EndSARS protests.
The Executive Secretary of the Kaduna Investment Promotion Agency, Umma Yusuf Aboki, said investment agencies in Kaduna State have been automated for ease of doing business for investors.
She said Kaduna State has prioritised investment sectors in the state, including maize and its value chains.