18 States and the FCT get $73b Projects

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Nigerian Investment Promotion Commission (NIPC) has released the Report of the investment announcements tracked through its newsletters for the first three quarters (January to September 2018, presented by sector, investors’ country of origin, and destination state.

The Report shows that US$73.08 billion worth of investments were announced for 65 projects in 9 states and the Federal Capital Territory during the period. The sectoral analysis of the announcements indicates 12 sectors of interest with mining and quarrying accounting for 43% of the value, manufacturing 23%, transportation & storage 7%, real estate 2% and the remaining sectors accounting for 1%. The announcements were from investors in 11 countries, with UAE companies accounting for 25% of the value, closely followed by announcements made by Nigerian companies at 20%. United Kingdom announcements stood at 12%, France 22%, and the remaining 21% were from the other countries.

The Report further revealed that FCT was the biggest beneficiary of the announcements with 26% (by value) in favour of the State. Rivers and Bayelsa State accounted for 22% and 16 respectively, Katsina State 3% and the remaining 33% were in favour of all the other states. The top 10 announcements accounted for US$68.1 billion, representing 93% of the value of the announcements.

The NIPC releases its Intelligence Newsletter every six-day to appraise investments in the various sectors.

The report was based only on investment announcements in its newsletters from January to September 2018, though might not be exhaustive.

Nevertheless, the document gave a sense of investors’ interest in the Nigerian economy in the period under review.