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Investors Commit $45.74Bn To Nigeria’s Economy In Six Months

The Nigerian Investment Promotion Commission (NIPC) at the weekend reported that local and foreign investors committed a total of $45.74 billion into the Nigerian economy in the first half of this year.

The commission stated that investments were in 42 projects in nine states and the Federal Capital Territory (FCT) and covered 12 sectors of the economy.

A sectoral anaylsis of the investments showed that mining and quarrying accounted for 61 per cent of the value; manufacturing, 28 percent; transportation and storage, five percent; real estate, three per cent; and the remaining sectors, three percent.

The NIPC reported that the countries of origin of the investments indicated that out of the investments from 11 countries during the period under review, France accounted for 35 percent of the value and the country was closely followed by Nigerian companies’ investments, totalling 31 percent.

It stated further that investors from the United Kingdom accounted for 20 percent; Luxembourg, seven per cent; while the remaining eight percent came from the investors in other countries.

A further analysis of the investments at the sub-national level showed that Rivers State attracted 35 percent of the investments followed by Bayelsa and Lagos states with 26 percent each, while Delta State accounted for seven percent.

It would be recalled that commission’s Executive Secretary, Yewande Sadiku, had said recently that the commission was collaborating with states to make their domains more investment-friendly..

She explained then: “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 effort of the NIPC in working more closely with the states is to increase the level of investment inflow into the country, and to ensure seamless collaboration and proper tracking”, the investment expert added.

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