NIPC Releases Q3 2019 Report Of Investment Announcements

Must Read

Lagos State Government bans Okadas, Tricyles, including Opay, Gokada

…Restricts Their Operations On 50 Highways, Bridges Lagos State Government on Monday wielded the big stick against the menace of...

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...

List of Access 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...
- Advertisement -
- Advertisement -

In furtherance to its mandate, the Nigerian Investment Promotion Commission (NIPC) presents the report on investment announcements for the Q3 of 2019. In the period, US$9.29 billion of announcements were tracked through the NIPC Intelligence Newsletters, which are issued 6 days a week.

The report showed that a total of 13 projects across 4 states and offshore Nigeria were announced by investors in 4 countries.

The major announcements were made by Aiteo Eastern Exploration and Production Company which plans to invest US$5 billion in crude exploration; Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) in joint a venture project of US$3.15 billion with the Nigerian National Petroleum Corporation (NNPC) for the development of Oil Mining Lease (OML) 13; CMES-OMS Petroleum Development Company (CPDC) also in a joint venture project with NNPC to the tune of $875.75 million for the funding, provision of technical services and alternative financing for the development of OML 65; and Datasonic Group Berhard, a Malaysian Group investing in the information and communication infrastructure to the tune of US$100 million.

Read:  WHO REJECTS CIGARETTE MANUFACTURER’S $960M ANTI-SMOKING FOUNDATION

Announcements from Nigerian companies accounted for 98% by value, and these investments were mainly in the development of oil fields. This shows the growing capacity of Nigerian companies in the oil and gas sector of the economy.

In a similar vein, mining & quarrying sector accounted for 98%, while information and communications, finance & insurance, transportation & storage, real estate, human health & social services, manufacturing and agriculture collectively accounted for the balance of 2%. The major destination was the Niger-Delta region with 87%, while Lagos, Kaduna, Anambra and Ogun states accounted for less than 1%. The other destinations were not made public by the investors.

Read:  NIPC Issues Report On Pioneer Status Incentive for Fourth Quarter 2018.
Read:  Report of Investment Announcements, Q1 2019

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 July to September 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.

- 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.

LEAVE A REPLY

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

Airtel Africa Revenue rose 9.9% and Subscriber Base touched 107 million

Telecommunications giant, Airtel Africa Plc, has announced its revenue increased 9.9 per cent to $2.522 billion during the nine-month...

MPC’s Surprise Hawkish Decision: How will Banks react?

Last week, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its first meeting in 2020. Contrary to the consensus...

Lagos Bio-Safety level 3 Laboratory Commences Operations

The Lagos State Level-3 Bio-Safety Laboratory, also known as the Lagos Bio-bank, built with support from the Canadian government to ensure effective management of...

Market’s Fears Spread Along With Wuhan Virus

The sense of serious concern about the economic effects of the Wuhan virus – evident on Wall Street Friday – has turned into something...

More Articles Like This