- Nigeria’s Investment Commitments Dipped by 67%
The total investment commitments recorded in the country in the 2019 fiscal year stood at $29.91 billion, according to the Nigerian Investment Promotion Commission.
This was 67 percent or $60.99 billion lower than the $90.89 billion that was filed in 2018. Suggesting that the uncertainty surrounding the 2019 election might have impacted commitments as investors were wary of lack of economic clarity after the election.
While the methodology of NIPC could not be ascertained, the commission said the values were tracked through an intelligence newsletter.
The commission report revealed that a total of 76 projects were announced in 17 states, the Federal Capital Territory and Offshore Nigeria.
However, Lagos State had the highest number of projects with 33 projects in total while Ogun and Kaduna followed with 5 and 3 projects, respectively.
In terms of value, Lagos had $2.6 billion or nine percent, Ondo followed with $1 billion or four percent. It noted that 66 percent or $19.8 billion worth of investment was reported to be located offshore.