NIPC tracks N3.36trn worth of investment announcements in 3 months

The Nigeria Investment Promotion Commission (NIPC) has disclosed that investors announced intentions to investment a total of N3.36 trillion ($9.3bn) in Nigeria in the third quarter of 2019.

The report, spanning from July to September, was released by the commission and distributed to journalists in a media parley in Abuja.

From January to June, NIPC’s Department of Strategic Communication tracked a total of $15.15 billion worth of investment announcements the country.

The Executive Secretary of NIPC, Ms. Yewande Sadiku, explained that investment values tracked were announced and not real investments.

Ms. Sadiku said such announcements would translate to real investments when the investors carry out the proposed projects that funds are meant for.

A breakdown of the value of the investments announced from July to September this year by sector showed that 97.8 per cent of it, being $9.08 billion would go to the mining and quarrying sector; 1.1 per across cent, being $0.1 billion for information and communication sector while 0.5 per cent, being $0.05 billion for finance and insurance sector.

The report showed that most of the investments, worth $8.15 billion would be domiciled offshore, while $0.04 billion, $0.01billion and another in like sum would be invested in Lagos, Kaduna and Anambra.

The report also showed that the bulk of the investment announcements, $9.05 billion originated from Nigeria while the rest came from the United States, Malaysia and other multiple sources.