© 2019 - International Centre for Investigative Reporting
Investments drops by $7.89billion in Q1 2020, compared to corresponding period in 2019 – NIPC
NIGERIAN Investment Promotion Commission (NIPC) reports a drop of $7.89billion investment for Q1 2020, which stands currently at $4.81billion compared to $12.7billion recorded in the corresponding period of 2019.
The figure represents about 62 per cent less in investment value compared to Q1 2019.
The Commission tracked a total of 19 projects across 14 states plus the Federal Capital Territory.
Kaduna State received the largest share of the investment of $2.61billion in transportation, mining and quarrying, and manufacturing.
According to the report, $56million worth of investment in agriculture was announced for Nasarawa State, while Lagos State got five investments announcement with a total worth of $29million. The investments are in manufacturing, information and communication, and electricity.
The report showed that the destination of eight investments was unknown, and this represents about 44 per cent of the investments tracked during this period.
On sector basis, the top four were transportation 42 per cent, information and communication 33 per cent, mining and quarrying 21 per cent and agriculture 4 per cent.
The United States of America was the most active source of investments during the period with 42 per cent of the announcements.
South Africa accounted for 33 per cent, domestic investors accounted for 16 per cent and the United Kingdom announced 8 per cent of the investments tracked.