Nigerian Investment Promotion Commission Tracked $9.29bn Investment in Three Months

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

You Should Totally Avoid These Words During An Interview

The job market is very competitive and getting an interview is a chance to let an employer or HR...

Amazing Ankara Styles To Wear To An Occasion

If you have been recently invited to a wedding in Nigeria, there are lots of good options. From Aso Ebi to lace...
- Advertisement -
- Advertisement -

The Nigerian Investment Promotion Commission (NIPC) on Friday said it recorded a total investment commitment of $9.29bn in the third quarter of this year.

The commission said this in a report released in Abuja. The report showed that a total of 13 projects across four states were announced by investors from four countries.

The major announcements were made by Aiteo Eastern Exploration and Production Company which plans to invest $5bn in crude exploration; Sterling Oil Exploration and Energy Production Company Limited in joint a venture project of $3.15bn with the Nigerian National Petroleum Corporation for the development of Oil Mining Lease 13.

Similarly, CMES-OMS Petroleum Development Company is also in a joint venture project with NNPC to the tune of $875.75m for the funding, provision of technical services and alternative financing for the development of OML 65; while Datasonic Group Berhard, a Malaysian Group is planning to invest in the information and communication infrastructure with $100m.

Read:  The Wait Is Over- Apple Launches iPhone 8 (See Price & Specs)

The report said these announcements from Nigerian companies accounted for 98 per cent by value, adding that they were mainly in the development of oil fields.

It said this shows the growing capacity of Nigerian companies in the oil and gas sector of the economy. In the same vein, it said the mining and quarrying sector accounted for 98 per cent, while information and communications, finance and insurance, transportation and storage, real estate, human health, and social services, manufacturing and agriculture collectively accounted for the balance of two per cent.

Read:  The Wait Is Over- Apple Launches iPhone 8 (See Price & Specs)

It said the major destination of these investments was the Niger-Delta region with 87 per cent, while Lagos, Kaduna, Anambra, and the Ogun States accounted for about one per cent. The other destinations, according to the report were not made public by the investors.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Soyinka, Orimoogunje, others advocate cultural renaissance at Yoruba Lakotun

The Nobel laureate, Professor Wole Soyinka and Professor Oladele Orimoogunje have also lent their voices to the advocacy of...

Nigeria ranks 30th in 2019 Africa Visa Openness index – Report

This fourth edition of the Index shows that 47 countries improved or maintained their visa openness scores in 2019 JOHANNESBURG, South Africa, November 11, 2019,/...

Spectranet and Nokia to provide 100+ Mbps ultra broadband services with FTTH to home and business users in Nigeria

Nokia GPON solution helps Spectranet better serve its customers by adding FTTH services to its current portfolio of LTE  wireless broadband access services ...

Swiss Fintech Delegation Seek More Robust Collaboration in Singapore @ Singapore Festival

SINGAPORE - Media OutReach - 12 November 2019 - The Switzerland finance regulatory agencies and organisations already collaborate closely with their Singapore counterparts and will continue to foster closer relationships, especially with...

More Articles Like This