Nige­ria re­ceives $73bn project in­vest­ment funds by Q3 2018, says NIPC

Business a.m. - - NEWS - Nse An­thony-Uko, in Abuja

NIGE­RIA RE CORDED an in­crease of 75.7 per cent in the value of in­vest­ments into var­i­ous projects in dif­fer­ent sec­tors of the econ­omy by the third quar­ter of 2018, ac­cord­ing to the Nige­rian In­vest­ment Pro­mo­tion Com­mis­sion (NIPC).

The NIPC, is the fed­eral agency charged with the re­spon­si­bil­ity of en­cour­ag­ing, pro­mot­ing and

co­or­di­nat­ing in­vest­ment in the coun­try.

The NIPC in its re­port of in­vest­ment pro­file for the first three quar­ters of 2018, made avail­able on its web­site showed that $73.08 bil­lion worth of Hide orig­i­nal mes­sage pro­posed in­vest­ments were an­nounced for 65 projects across 18 states and the Fed­eral Cap­i­tal Ter­ri­tory dur­ing the pe­riod.

This rep­re­sented an in­crease of 75.7 per cent year on year over the $41.7 bil­lion to­tal in­vest­ment pro­file re­ported as at third quar­ter of 2017.

The sec­toral anal­y­sis of the in­vest­ments in­di­cated 11 sec­tors of in­ter­est with min­ing & quar­ry­ing at­tracted the high­est of $31.4 bil­lion rep­re­sent­ing 43 per cent of the to­tal value, fol­lowed by con­struc­tion

$18.6 bil­lion or 25 per cent, man­u­fac­tur­ing with $17.0 bil­lion or 23 per cent; elec­tric­ity, gas, steam and air con­di­tion­ing sup­ply, and trans­porta­tion and stor­age, $2.2 bil­lion or three per cent, while the

re­main­ing sec­tors ac­counted for $4.0bn rep­re­sent­ing five per cent in­vest­ment in­ter­est.

In­vestors from United Arab Emi­rates showed the high­est in­vest­ment in­ter­est in the coun­try out of the to­tal of 17 coun­tries, with S$18.0 bil­lion rep­re­sent­ing 25 per cent. This was fol­lowed by in­vestors from France at $16.0 bil­lion or 22 per cent. Nige­rian in­vestors’ stake stood at $14.3 bil­lion or 20 per cent, in­vestors from United King­dom ac­counted for $9.1 bil­lion or 13 per cent, while China ac­counted for $5.3 bil­lion or eight per cent and the re­main­ing 12 coun­tries ac­counted for $10.4 bil­lion or 14 per cent.

Ac­cord­ing to the re­port, the Fed­eral Cap­i­tal Ter­ri­tory was the big­gest ben­e­fi­ciary of the in­vest­ment in­ter­ests with S$18.7bil­lion or 26 per cent by value. Rivers State ac­counted for $16.0 bil­lion or 22 per cent,

Bayelsa, Katsina and Akwa Ibom 16, three and two per cents re­spec­tively, while the re­main­ing states ac­counted for the bal­ance of 31 re­spec­tively.

The most ac­tive month was Sep­tem­ber where 12 projects were an­nounced worth US$20.39 bil­lion rep­re­sent­ing 28 per cent of the to­tal an­nounce­ments made so far in the year. The top 10 an­nounce­ments ac­counted for US$68.1 bil­lion, rep­re­sent­ing 93 per cent of the value of the The Ex­ec­u­tive Sec­re­tary, NIPC, Ye­wande Sadiku, had re­cently said the com­mis­sion was work­ing with states to make them more at­trac­tive to in­vestors.

She said the com­mis­sion had a seam­less col­lab­o­ra­tion with the states to en­able it to mon­i­tor closely in­vest­ments in­flow into the coun­try, as a one-stop cen­tre.

She said, “We are in­ter­ested in see­ing more Nige­ri­ans in­vest in the coun­try, and we have a Do­mes­tic Di­rect In­vest­ment model now in the com­mis­sion and we are work­ing with the Na­tional Bureau of Statis­tics to track in­vest­ments in­flow into the coun­try.

“The cur­rent ef­forts of the NIPC in work­ing more closely with the states are to in­crease the level of in­vest­ment in­flow into the coun­try, and to en­sure seam­less col­lab­o­ra­tion and proper track­ing.”

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