NIPC Tracks $8.99bn investment in Q3 2021
The Nigerian Investments Promotion Commission (NIPC) has reported US$8.99 billion as investment announcements for the Q3 of 2021, 130% more than the value in the corresponding period in 2020 (US$3.95 billion).
At a Media Parley, the director Strategic Services of NIPC, Abubakar Yerima, revealed that a total of 33 projects were tracked across 8 States during the period- the month of August been the most active during the quarter, accounting for 64% of the total announcements.
According to him, the top 10 announcements accounted for 96% of the volume tracked, compared to Q3 2020, saying that there was an improvement in the level of confidence in the investing community post COVID-19.
“In the period covered by the Report, Lagos State received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity. Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, while Oyo State had US231 million announced in electricity and trade (e-commerce). The four (4) States accounted for 87% of the total investments.
SOURCE: THE SUN