NIPC tracks $29.9bn investment commitments in 2019

By Felix Khanoba

The Nigerian Investment Promotion Commission (NIPC) says 29.91 billion dollars’ worth of investments’ announcements were tracked in the country in 2019.

The Commission in a report made available to newsmen in Abuja at the weekend, showed that a total of 76 projects were announced across 17 states and the Federal Capital Territory, Abuja as well as Offshore Nigeria.

It however, showed the amount, which the would-be investors committed to invest in the nation’s economy, was 204 per cent less than what was tracked in 2018 (90.89 billion dollars).

According to the report, “The huge difference may be attributed to the uncertainty around 2019 as an election year in the country, which may have contributed to the perception of the economy, and ultimately affected investors’ sentiment.

“The report showed that Lagos State had the greatest number of projects with 33 followed at a distance by Ogun with five and Kaduna with three. In terms of value, 19.8 billion dollars (66 per cent) worth of investments was announced to be located offshore Nigeria, 2.6 billion dollars (9 per cent) in Lagos, and 1 billion dollars (4 per cent) in Ondo.

“Further analysis of the announcements by sector showed that the investors preferred mining and quarrying 21.5 billion dollars (72 per cent), manufacturing 3.2 billion dollars (11per cent), electricity, gas and water supply 2.3 billion dollars (8 per cent) and transportation and storage 2 billion dollars(7 per cent).

“Domestic investors were the most active, announcing 39 projects with a total worth 10.8 billion dollars (36 per cent), followed by Netherlands, one project worth 10 billion dollars (33 per cent), Canada, three projects worth 2.4 billion dollars (8 percent), Morocco, two projects worth 2.1 billion dollars (7per cent), Malaysia, two projects worth 1 billion dollars and Singapore announced one project worth 1 billion dollars (3per cent) each.”

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