Nigeria records $15bn investments in six months

Between January and June this year, the Nigerian economy recorded a total investment commitment of $15.15bn in various sectors of the economy, the Nigerian Investment Promotion Commission has said.

Figures obtained from the NIPC showed that the $15.15bn proposed investments were made for 43 projects in 12 states and the Federal Capital Territory.

Comparatively, the proposed investments for the first half of this year showed a 67 percent decline when compared to the corresponding period of 2018.

Investments commitments are made by would-be investors in specific sectors of the economy, which the NIPC follows up to ensure its full maturity and benefits to the economy.

According to NIPC records, mining and quarrying recorded investment announcements of $12.3bn, reflecting 81 percent of the total investment proposals made.

Manufacturing recorded $2.2bn worth of investment proposals announced.

Within the period under review, finance and insurance recorded $200m investment proposals while information and communication recorded $200m.

The NIPC report showed that a total of 43 projects across 12 states and Federal Capital Territory were announced from investors in 20 countries.

“Comparatively, the announcements made in the first half of 2019 were 67 per cent less in value than the announcements in the same period of 2018.

“This was probably due to many investors waiting for the conclusion of national elections and handover in the first half of 2019.

“The major destination was the Niger-Delta region with 77 per cent, followed by Ondo State at seven per cent, and Lagos State at four percent of the value announced.”

The records showed further that Morocco recorded investments commitments of $2.1bn while Nigerian local investors made investment commitments of $1.3bn.

It added that investors from Malaysia made investment commitments of $0.9bn, while other unnamed nations cumulatively made investment commitments of $3.5bn.