By Miriam Humbe
Nigerian Investment Promotion Commission (NIPC) has released the Report of the investment announcements tracked through its newsletters for the first half of 2018 (January to June 2018), presented by sector, investors’ country of origin, and destination state.
The Report shows that US$45.74 billion worth of investments were announced for 42 projects in 9 states and the Federal Capital Territory during the period.
The sectoral analysis of the announcements indicates 12 sectors of interest with mining and quarrying accounting for 61% of the value, manufacturing 28%, transportation & storage 5%, real estate 3% and the remaining sectors accounting for 3%.
The announcements were from investors in 11 countries, with French companies accounting for 35% of the value, closely followed by announcements made by Nigerian companies at 31%. United Kingdom announcements stood at 20%, Luxembourg 7%, and the remaining 8% were from the other countries.
The Report further revealed that Rivers State was the biggest beneficiary of the announcements with 35% (by value) in favour of the State. Bayelsa and Lagos States accounted for 26% each, Delta State 7%, and the remaining 6% was in favour of the other states.
The top 10 announcements accounted for US$43.1 billion, representing 94% of the value of the announcements. NIPC sends out its NIPC Intelligence Newsletter 6 days a week. The Newsletter carries Nigerian investment-related news culled from various sources.
As the Report is based only on investment announcements cited in NIPC’s Newsletters from January to June 2018, it may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy in the first half of 2018. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.