Foreign Investors Pledge $73bn to Nigeria — NIPC

• Foreign Investors Pledge $73bn to Nigeria — NIPC

Between January and September this year, the Nigerian economy recorded a total investment commitment of $73.08bn in various sectors of the economy.

Figures obtained from the Nigerian Investment Promotion Commission showed that the $73.08bn investment commitments were made for 65 projects in 18 states and the Federal Capital Territory during the period.

An analysis of the investment commitments indicated that investors were willing to invest the $73.08bn in 11 sectors of the economy.

An analysis of the sectoral investment showed that mining and quarrying accounted for 43 per cent of the total value; construction 25 per cent; manufacturing 23 per cent; electricity, gas, steam and air conditioning supply, and transportation and storage, three per cent, while the remaining sectors accounted for five per cent.

The report said the investments commitments were from investors from 17 countries, with investors from the United Arab Emirates accounting for 25 per cent of the value.

This, it added, was followed by commitments from investors from France at 22 per cent, while investors from Nigeria stood at 20 per cent.

The United Kingdom accounted for 13 per cent, China eight per cent and the remaining 13 per cent were from the other countries.

The Report further revealed that the Federal Capital Territory was the biggest beneficiary of the investment commitments with 26 per cent of the total value.

This is followed by Rivers State with 22 per cent, while Bayelsa, Katsina and Akwa Ibom had 16 per cent, three per cent and two per cent respectively.

The remaining states accounted for the balance of 31 per cent.

It said the most active month was September where commitments for 12 projects worth $20.39bn were made by investors.

The Executive Secretary, NIPC, Yewande Sadiku, had recently said the commission was working with states to make them more attractive to investors.

She said the commission had a seamless collaboration with the states to enable it to monitor closely investments inflow into the country, as a one-stop centre.

She said, “We are interested in seeing more Nigerians invest in the country, and we have a Domestic Direct Investment model now in the commission and we are working with the National Bureau of Statistics to track investments inflow into the country.

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