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Nigeria announces $8.41bn investment in Q1

The Executive Secretary of the Nigerian Investment Promotion Commission, NIPC, Ms Yewande Sadiku says the country’s Investment announcements in the first quarter of 2021 is $8.41 billion.

Ms Sadiku made this known during a briefing with journalists in Abuja.

The NIPC boss noted that although investment announcements are not actual investment, it gives an aggregate of investors interest in Nigeria and also help to translate the announcements to actual investment.

“We’ve been honest, the gap between announcement and actual investment demonstrate potential, we’ve also said that a more proactive approach to investors support across Federal and State level is required to convert more announcement to actual investment”. Ms Sadiku stated.

The Director, Department of Strategic Communication in the Agency, Mr Emeka Offor said the investment announcement are categorized by sector, destination and source.

According to him, the story of investment announcement began in 2016 and showcases Nigeria as an investment destination of choice.

In the current Q1 2021 report, manufacturing takes the lead, followed by construction and electricity, by destination, we have Bayelsa State, we have Delta State and Akwa-Ibom and by source, Nigerians are showing great resilience by coming out tops and the last quarter, Morocco comes second and UK third.”

He added that 15 projects were tracked from 8 states.

Victoria Chimezie

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