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