The  Nigerian Investment Promotion Commission has said that Nigeria attracted an upward swing in its investment announcements in 2021, with a record $23. 3 billion.

The Acting Executive Secretary of the commission, Mr. Emeka Offor, disclosed this saying, “the 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39% more than the value tracked in 2020 (US$16.74 billion).

“The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.

“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.”

Breakdown Analysis

Offor identified Lagos State as leading the five top states that attracted the largest value of investments, in the year under review, with $8.7 billion.

Bayelsa was second, with $3.6 billion, followed by Delta, US$2.9 billion; Akwa Ibom,  $2 billion; and Adamawa, $1 billion.

Also, he added that the manufacturing sector had the highest number of projects (20) as well as the highest value of $10.5 billion (45%).

Construction (16%), electricity, gas, steam and air conditioning supply (13%), information and communication (12%), and mining and quarrying (9%) made up the top 5 sectors for the year.

The ES said that the work for NIPC in the next 5 years has been appropriately defined by the National Development Plan 2021 – 2022 (NDP), which has projected a capital requirement of N348.7 trillion with 86% (N298.3 trillion) expected to be provided by the private sector.

As such, he disclosed that the commission has commenced the validation of investments announcements of 2021.

“Mobilisation of the capital has become the focus of the Commission. It is in this respect that the Commission has begun the process of validating the records of the investment announcements. We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria”, he said