Nigeria Earns $6.3b FDI From Oil, Gas Manufacturing

• Nigeria Earns $6.3b FDI From Oil, Gas Manufacturing

Over $6.3 billion has been recorded as Foreign Direct Investment (FDI) in the oil and gas sector, as well as in manufacturing this year, the Executive Secretary, Nigeria Investment Promotion Commission (NIPC), Yewande Sadiku, has said.

Speaking with reporters in Abuja, yesterday, she said the figure exceeded what was received as FDI investment in 2016. She said the Commission now has a seamless collaboration with the states to enable it monitor investments inflow into the country.

She said: “Energy sector, oil and gas as well as the manufacturing sector top the list of announced investments inflows monitored from 26 states of the federation and the Federal Capital Territory (FCT) in the first quarter of 2018.

“In the year 2016,the total capital inflow was $5.4 billion; in 2017,there was an increase in the volume of flows to $12.4 billion.The bulk of it is potfolio investment which is still yet to mature.

The Executive Secretary however said investments announcements are not the same as investments, stating that investments reflected in 112 projects tracked in 26 states of the federation and the FCT.

“This figure gives us a sense, but I tell you that there are investments that may not be disclosed, since investors are not really under obligation to disclose figures,” she said.

According to her, the highest proportion of such announcements came from Nigerians who indicated interest in investing in the country.

“We are interested in seeing more Nigerians invest in the country and we have a Domestic Direct Investment model now in the Commission; we working with the National Bureau of Statistics (NBS) to track investments inflow into the country.

“The current efforts of the NIPC in working more closely with the states to increase the level of investment inflow into the country, and to ensure seamless collaboration and proper tracking,” she said.

She noted however, that the states has a certain level of autonomy, and could go for investments on their own, stressing that what is important is that there is active collaboration, and proper harmonisation.

“We currently have a WhatsApp group with all the state investments and promotion agency in Nigeria,various commissioners of investments,and special assistant to the governor on investments matters, to share information and also exchange ideas,aimed at better collaborations,” she explained.