Nigeria attracted over $8.99 billion investment in the third quarter of 2021.
The tracked investment is higher than the $3.95 billion recorded in the same period of 2020 representing a growth of 130 per cent.
Director of Strategic Services, Nigerian Investment Promotion Commission (NIPC), Abubakar Yerima, disclosed this at a media parley in Abuja.
According to him, the commission had been tracking investment announcements through its Intelligence Newsletter, which gives a fair sense of investment interest in the Nigerian economy.
He said 33 projects were tracked across eight states during the period under review and that August 2021 was the most active month in the quarter, accounting for 64 per cent of the total investment.
Yerima said the top 10 announcements accounted for 96 per cent of the volume tracked compared to Q3 2020, thus signifying a marked improvement in the level of confidence around the investing community post Covid-19.
“In the period covered by the report, Lagos state received the largest share of the investment announcement with 20 projects accounting for 81 per cent or $7.29 billion of the total, in manufacturing, information and communication, finance and insurance, human health and social services and electricity sectors.
“Rivers State came second attracting $300 million worth of investments announcements in manufacturing and transportation, while Oyo State came third with $231 million investments in electricity and trade [e-commerce).”
In his address, the NIPC Acting Executive Secretary, Emeka Offor, stated that the report was based only on the news articles cited
in NIPC Newsletter published between July and September, 2021, adding that it may not contain exhaustive information on all investment announcements in Nigeria in the period under review.
He noted that the NIPC is already working with relevant organisations under the coordination of the Ministry of Industry, Trade and Investments to organise Nigerias participation at the World Expo held in Dubai.
