Nigeria’s Investment Rise to $8.41 In Q1 2020

 Nigeria’s Investment Rise to $8.41 In Q1 2020

The Nigerian Investment Promotion Commission said that the total investment in Nigeria rose to $8.41 billion in the first quarter of 2021.

The report added that Balyesa and Delta states emerged as top investment destinations during the period adding that the investment in Q1 2021 is 75 percent more than the value in the same period in 2020 at $4.81 billion 

This is a slight increase of 8.38 percent compared to the investments made in the previous quarter at $7.76 billion. 

The report said Bayelsa received the largest share of the announcements with $3.6 billion in mining and quarrying.

While Delta came second with $2.94 billion worth of announcements in seaport construction and power transmission.

It was followed by Akwa Ibom with $1.4 billion announced in mining and quarrying while Lagos came fourth with announcements totalling $0.26 billion in finance, insurance, and manufacturing. 

Also, the report showed that the leading four destinations accounted for 97 percent of the total investments announced as against 56 percent in the corresponding period last year. 

By sector, manufacturing received the largest investment accounting for 60 percent ($5.08 billion) followed by construction ($2.90 billion), electricity ($0.26 billion) and agriculture ($0.11 billion). 

Nigeria’s largest source of investment in the quarter, accounting for 35 percent ($2.95 billion). Other sources of investments in Nigeria were Morocco ($1.40 billion); United Kingdom ($0.24 billion), and the United States ($0.08 billion).

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

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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