Tuesday , August 9 2022
Ogun Beats Lagos, Ranks High in Investment Destinations in Nigeria for Q2 2021 - NIPC

Ogun Beats Lagos, Ranks High in Investment Destinations in Nigeria for Q2 2021 – NIPC

Following the investment announcement of over $1.69 billion into Nigeria in the second quarter (Q2) of 2021, Ogun and Lagos State have come top on the list of investment destination in the country.

According to the Nigerian Investment Promotion Commission (NIPC) report for investment announcement for Q2 of 2021, investment into Ogun state stands at $500 million representing 30 per cent of the total announcement while Lagos State has an investment of about $441.3 million representing 26 per cent of the total announcement.

Others are Nasarawa state with an investment of $300 million representing 18 per cent of the announcement, Rivers State also has an investment of $300 million representing another 18 per cent of the announcement.

Kano, Adamawa, Ekiti and Kogi states altogether represent 1 per cent of the investment announcement in Q2, 2021.

The announcement covers 14 projects in Manufacturing, Electricity, Information and Communications and Real estate.

Based on the NIPC report, the investment announcement in Q2 of 2021 is about 80 per cent lower than the investment announcement in Q1 of the same year.

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In Q1 of 2021, the total investment announcement in Nigeria was about $10.11 billion with projects in four sectors of Manufacturing, Construction, Electricity and Information and Communications.

Bayelsa state topped investment destinations with 39 per cent investment, followed by Delta State with 29 per cent, Akwa Ibom 14 per cent and Lagos State had 7 per cent.

NIPC is seeking all of the government approaches, from the Federal and State governments across the nation in order to convert these announcements to actual investments.

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