Local, Foreign Companies Withdraw 69.32% Of Investment Projects
The Nigerian Investment Promotion Commission has disclosed in its report that investment commitments declined from $8.41bn in the first quarter of 2021 to $2.58bn within the same period in 2022.
This shows that investment commitments declined by 69.32 per cent from Q1 2021 to Q1 2022.
According to the Report of Investment Commitments in Nigeria (January to March 2022) by the NIPC the investment commitments in Q1 2022 cut across 33 projects and five states, alongside the Federal Capital Territory.
In this period, the manufacturing sector attracted the highest investment commitments of $1.1bn, which is 45 per cent of the total commitments.
It is followed by the agriculture sector with $0.64bn, which is 25 percent of the total commitments.
Sokoto State attracted the highest investment commitments of $1.05bn, which is 41 per cent of the total commitments. It is followed by Lagos State with $0.88bn, which is 34 per cent of the entire commitments.
About $1.13bn investment commitments came from Nigerian investors, which is 44 percent of the whole commitments.
The United States investors made $1.01bn investment commitments, which is 39 per cent of the entire commitments in Q1 2022.