The Nigerian Investment Promotion Commission (NIPC) has released the first Quarter 2018 report on Investment announcements in Nigeria.
The Report disclosed that in the first quarter of 2018, NIPC tracked $17.88bn worth of investment announcements in 32 projects across 8 states, almost 3 times the $6.38bn tracked in Q1 2017, suggesting increasing investor interest in Nigeria.
These private capital investment intentions were in 32 projects in several sectors which include Oil & Gas, Services, Manufacturing and Agriculture spanning across Lagos, Ogun, Niger, Gombe, Kano states among others.
The interests originated from United Kingdom, Nigeria, United States, China, and Switzerland.
Royal Dutch Shell, Dangote Plc., General Electric, Hydropolis Nigeria Ltd and China Energy Engineering Cooperation top the list of companies with investment interests in the economy. These announcements are for new projects and or expansion of existing ones.
In 2017, when NIPC started tracking investment announcements, $66.36bn worth of announcements in 112 projects across 27 states and the FCT were noted. Although these are investment announcements and do not suggest actual investments, they give a sense of investor interest in Nigeria.
In terms of actual capital flows, in 2017, Nigeria recorded $12.4bn of capital flows, compared to only $5.1bn in 2016. The flows increased progressively from Q1 2017, with each quarter materially higher than the corresponding period in 2016.
The Report on investment announcements is based only on investment announcements cited in the NIPC Intelligence Newsletters published from January to March 2018 and may not contain exhaustive information on all investments announcements in Nigeria during the period. Nevertheless, the Report gives a fair sense of investor interest in the Nigerian economy. The Report can be downloaded from the NIPC website www.nipc.gov.ng
NIPC sends out its NIPC Intelligence Newsletter 6 days a week. The Newsletter carries Nigerian investment-related news culled from various sources. NIPC did not independently verify the authenticity of the investment announcements.