NIPC records $9.29bn potential investment in Q3

October 13th, 2019

By Felix Khanoba

The Nigerian Investment Promotion Commission (NIPC) says it recorded 9.29 billion dollars’ worth of investment announcements in the third quarter of 2019.

The Executive Secretary of NIPC, Ms Yewande Sadiku, who made this known during a media parley in Abuja on Friday, said the oil sector, which is grouped under quarry and mining, accounted for 98 per cent of the total prospective investments recorded from July to September 2019.

“In this period, 9.29 billion dollars of announcements were tracked through the NIPC Intelligence Newsletters, which are issued six days a week.

“The reports showed that a total of 13 projects across four states and offshore Nigeria announced by investors in four countries. The major announcements were made by Aiteo Eastern Exploration and Production Company, which plans to invest 5 billion dollars in crude exploration.

“Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) in a joint venture project of 3.15 billion dollars with the Nigerian National Petroleum Commission (NNPC) for the development of Oil Mining Lease (OML)13.

“CMES-OMS Petroleum Development Company (CPDC) also in a joint venture project with NNPC to the tune of 875.75 million dollars for the funding, provision of technical services and alternative financing for the development of OML 65; and Datasonic Group Berhard, a Malaysian Group investing in the information and communication infrastructure to the tune of 100 million dollars,” she said.

While saying that Nigerian companies accounted for 98 per cent by value of the investments, the NIPC boss said such performance testified to the growing capacity of indigenous companies in the oil and gas sector of the economy.

A further breakdown of the announcements shows that the major destination for investment was the Niger Delta region with 87 per cent while Lagos, Kaduna, Anambra and Ogun states accounted for less than one per cent, as the other destinations were yet to be disclosed.

The agency, however, stated that the investments announcements were only those sighted by NIPC and may not contain exhaustive information on all investments activities in Nigeria during the period.

In a related development, NIPC has issued a report on Pioneer Status Incentive processed between 01 July and 30 September 2019. The report shows that 19 new applications were received.

“One application was granted approval in principle, the company, in the Tourism sector had a total investment of N3.03 billion, while its staff strength was 65.

“Two applications were granted direct presidential approval for the extension of two years, the application had a total investment of N185.63 billion while their staff strength was 3,085,” the report said.

Similar Post You May Like read more
Just In read more