Nigeria received about $8.4bn investment announcements as of 4th March 2021, out of which $5.46bn were pledged by foreign investors. 

This was according to the Nigerian Investment Promotion Commission, in its ‘report of investment announcements in Nigeria (January – March 2021).

NIPC noted that the remaining $2.08bn was promised by domestic investors.

The sum pledged by foreign investors in the first quarter of 2021 is 27.5 percent lower than the $7.54bn foreign investment announcements recorded by the NIPC in the preceding quarter.

However, the Q1 foreign investment profile was 36.5 percent higher than the $4.02bn reported in the corresponding period in 2020, but was 56.6 percent lower than the S12.6bn recorded in the same period in 2019.

The NIPC also said that the major sources of foreign investments announcements in Q1 2021 originated from Morocco, the United Kingdom and the United States.

Investors from the three countries pledged $1.40bn, $0.24bn and $0.08bn respectively, while other investors from undisclosed countries pledged to invest $3.74bn in Nigeria’s economy.

The report revealed that Bayelsa and Delta States were the top investment destinations during the period, followed by Akwa Ibom and Lagos States.

Data obtained from the NIPC showed that Bayelsa State received the largest share of total announcements of $3.6bn in manufacturing, Delta State recorded $2.94bn worth of announcements in construction and power transmission, Akwa Ibom State had $1.4bn announced in mining and quarrying, while Lagos State announcements totaled $0.26bn from electricity and manufacturing.

By sector, manufacturing received the largest investment intention, at $5.08bn, construction at $2.9bn, electricity at $0.26bn, agriculture $0.11bn, and others at $0.07bn.

In terms of volume, NIPC said Nigeria received 15 projects across eight states in Q1 2020, compared to the corresponding quarter of 2020 with 19 projects across 14 states including the Federal Capital Territory.