Nigerian Investment Promotion Commission (NIPC) says investment proposals worth $23.30 billion were announced in 2021.
This is 39 percent higher than the $16.74 billion investment announcements made in 2020.
This was disclosed by the acting Executive Secretary of NIPC, Emeka Offor, at a media briefing on Wednesday in Abuja.
He said the increase was indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of the COVID-19 pandemic.
Offor said, “The 2021 Investments Announcement Report indicated that $23.30 billion was tracked during the year, representing about 39 percent more than the value tracked in 2020 ($16.74 billion),” he said.
“The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.
“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.”
The ES said Lagos topped the 36 states in Nigeria and the federal territory by the value of investments with $8.7 billion, followed by Bayelsa State ($3.6 billion); Delta State ($2.9 billion); Akwa Ibom State ($2 billion) and Adamawa State ($1 billion).
He said the manufacturing sector had the highest number of projects with $10.5 billion, representing 45 percent of the total inflow.
Others in the top five sectors were construction (16 percent), electricity, gas, steam and air conditioning supply (13 percent), information and communication (12 percent), and mining and quarrying (9 percent).
Offor said the NIPC work in the next five years would focus on the National Development Plan 2021 – 2022 (NDP), which has projected a capital requirement of N348.7 trillion with 86 percent (N298.3 trillion) expected from the private sector.
