© 2019 - International Centre for Investigative Reporting
Investments In Nigeria dropped by $60.98 billion in 2019- NIPC
A REPORT released by Nigeria Investment Promotion Commission (NIPC) showed that the total value of the Nigerian investments in 2019 was $29.91 billion compared to $90.89 billion in 2018.
According to NIPC, analysis by sector showed that the investors preferred mining & quarrying where investment was highest at $21.5 billion, investments in manufacturing were $3.2 billion, electricity, gas & water supply was $2.3 billion and transportation & storage was $2 billion.
The new projects valued at about $29.91 billion were contained in NIPC’s intelligence publication.
The Commission said the reason for the major drop in investment was the perception investors had about the economy by, which ultimately affected their sentiments on the country’s business environment.
Similarly, offshore projects showed that the Netherlands had one project worth $10 billion; Canada, three projects worth $2.4 billion; Morocco, two projects worth $2.1 billion; Malaysia, two projects worth $1 billion, and Singapore one project worth $1 billion the reports says.
Details of the report showed that Lagos state recorded the largest number of projects 33, giving Ogun and Kaduna a wide gap of 5 and 3 projects respectively.
The NIPC’s intelligence report is based on investments announced by the Commission in a particular year between January and December.
The report released by the Commission showed that domestic investors were the most active, with about 39 projects announced valued at $10.8 billion which was 36 per cent of the total project executed in 2019.
The NIPC said the total value of investments in Nigeria reduced by 204 per cent in 2019 compared to 2018.
76 projects were announced across 17 states of the federation, the Federal Capital Territory and Offshore Nigeria, according to the commission.
The NIPC report gives a sense of investors’ interest in the Nigerian economy for a period.