In furtherance to its mandate, the Nigerian Investment Promotion Commission (NIPC) presents the report on investment announcements for the first half of 2019.
In the period, US$15.15 billion of announcements were tracked through the NIPC Intelligence Newsletters, which are issued 6 days a week.
The Report showed that a total of 43 projects across 12 states and Federal Capital Territory were announced from investors in 20 countries. Comparatively, the announcements made in the first half of 2019 were 67% less in value than the announcements in the same period of 2018. This was probably due to many investors waiting for the conclusion of national elections and handover in the first half of 2019.
The major announcements were from Royal Dutch Shell Plc with US$10 billion in crude exploration, Moroccan OCP Group’s plan to build a US$1.5 billion ammonia plant in 3 states and the joint venture contract between Malaysian partners and Nigerian oil company, First Exploration & Petroleum Development Company Ltd worth $901.79 million for the exploration of crude oil at the Anyala and Madu oil fields.
Announcements from the Netherlands accounted for 66% by value, followed by Morocco at 14%, and Nigeria at 9%. The Report also showed that mining & quarrying sector accounted for 81%, the manufacturing sector was 14%, and finance & insurance was 2%.
The major destination was the Niger-Delta region with 77%, followed by Ondo State at 7%, and Lagos State at 4% of the value announced.
NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. The Report is based only on investment announcements cited in NIPC’s Newsletters from January to June 2019; it may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.