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Tuesday, December 7, 2021

Nigeria receives $5.46 bln investment pledge in Q1 2021 ~NIPC

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The bulk of $5.46 billion foreign investment pledged to Nigeria in the first quarter of 2021 came from Morocco, the United Kingdom and the United, according to the Nigerian Investments Promotion Commission (NIPC).

The amount pledged by investors from the three countries and others was short of the $7.54 billion pledged in the fourth quarter of 2020 by foreign investors.

Investors from the three countries pledged $1.40 billion, $0.24 billion and $0.08 billion respectively, while other investors from undisclosed countries pledged to invest $3.74 billion in Nigeria’s economy.

However, a total of $8.4 billion in investment was announced by both local and foreign investors in the first three months of this year of which local investment component stood at $2.08 billion during the period.

The figures are, however, not actual investment flow into the country during the period as the data on actual inflows are yet to be made available by thhe National Bureau of statistics (NBS) which collate such figure.

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According to NIPC, sum pledged by foreign investors in the first quarter represents 27.5 percent decline from the $7.54 billion foreign investment announcements recorded by the Commission in the preceding quarter.

The NIPC report revealed that Bayelsa and Delta States were the top investment destinations during the period, followed by Akwa Ibom and Lagos States.

Bayelsa State received the largest share of total announcements of $3.6 billion in manufacturing, Delta State recorded $2.94 billion worth of announcements in construction and power transmission, Akwa Ibom State had $1.4 billion announced in mining and quarrying, while Lagos State announcements totalled $0.26 billion from electricity and manufacturing.

Manufacturing received the largest investment intention, at $5.08 billion, followed by construction at $2.9 billion, electricity at $0.26 billion, agriculture $0.11 billion, and others at $0.07 billion.

In terms of volume, NIPC said Nigeria received 15 projects across eight states in Q1 2020, compared with corresponding quarter of 2020 with 19 projects across 14 states including the Federal Capital Territory.

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