HI 2019: NIPC records $15.15bn investment announcements in 43 projects across 12 states, FCT

… Netherlands, Morocco top list of nations with more investment commitments

Nigerian Investment Promotion Commission (NIPC) has announced investment worth of $15.15 billion in 43 projects across 12 states of the federation and the Federal Capital Territory (FCT).

Investment announcements are investment commitments made by would-be investors, specifically in countries and related companies in specific sectors of the economy, which the NIPC follows up to ensure its full maturity and benefits to the Nigerian economy.

According to NIPC records, mining and quarrying recorded investment announcements of $12.3 billion, averaging 81 percent of the total investment sum announced. Manufacturing also recorded $2.2 billion worth of investment announced.

Within the period under review, finance and insurance recorded

$0.2 billion investment worth; also information and communication recorded investment announcements worth of $0.2 billion. Other sectors not specifically mentioned recorded $0.2 billion.

Emeka Offor, director of strategic communications, while briefing newsmen on the investment announcements on Wednesday in Abuja, noted that offshore investment announcements recorded 77 percent.

According to NIPC, states with highest investment commitments and announcements within the period under review include: Ondo, Lagos and Ogun.

Ondo State recorded $1.1 billion, Lagos $0.6 billion, Ogun recorded $0.2 billion, while other states put together recorded cumulatively investment announcements of $1.6 billion.

NIPC records further note that the Netherlands top list of the countries with the highest investment commitments with Royal Dutch announcing $10 billion investment worth.

The records show that Morocco recorded investment announcements of $2.1 billion, while Nigerian local investors made investment commitments of $1.3 billion. Malaysia made investment announcements of $0.9 billion, other unnamed nations cumulatively made investment commitments of $3.5 billion.

In his reactions, Chijioke Ekechukwu, a former director-general of Abuja Chamber of Commerce and Industry, told Businessday that NIPC must ensure it followed up satisfactorily all the investment commitments to ensure it tracked up all to full maturity, noting that concern of unemployment and rising population meant that every available options for job creation must be encouraged.