The Nigerian Investment Promotion Commission has said that the investment announcements in Nigeria fell to $1.69 billion in the second quarter of this year.

This is a fall from $8.41 billion in Q1 indicating a decline of about 80 percent.

The report said the total value of investment interests in the first half of this year fell by $1.57 billion to $10.11 billion, compared to the second half of last year. 

The figure is, however, $5.05bn higher than that of the same period of last year.

Breakdown Analysis

An analysis of investment announcements by sector revealed that the manufacturing sector attracted the highest investments with $5.9bn or 58 percent.

This was followed by construction, $2.9bn (29 percent); electricity (including gas, steam and air conditioning supply), $680m (seven percent); information and communication, $410m (four percent); while others recorded $210m or two percent.

Also, by destination, Bayelsa and Delta states attracted the most investments out of the 14 states that were listed, with $3.60bn (36 percent) and $2.94bn (29 percent), respectively.

They were followed by Akwa Ibom with $1.40bn (14 percent); Lagos received $0.70bn (seven percent) while a total of $1.45bn (15 percent) went to the other 10 states.

The report also showed that domestic investors made the highest contribution of $3.29bn or 33 percent of the total investment announcements; $1.40bn (14 percent) emanated from Morocco; $950m (nine percent) from China; $640m (six percent) from the UK; and other sources accounting for $3.82bn or 38 percent.