Investment in Nigeria increases by 75% (Q1, 2021)- NIPC
The Nigerian Investment Promotion Commission (NIPC) says the investments made in Nigeria have increased by 75%, rising from $4.81 billion in Q1, 2020 to $8.41 billion in Q1, 2021.
According to the NIPC’s first quarter report (Q1 report), there is also an 8.38% increase compared to the investments made in the previous quarter (Q4, 2020) which stood at $7.76 billion.
The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline.
Bayelsa and Delta States, both in Southern Nigeria, emerged top investment destinations during the period.
Bayelsa State received the largest share of investment with $3.6 billion in mining and quarrying.
Delta State came second with $2.94 billion in seaport construction and power transmission, followed by Akwa Ibom State with $1.4 billion announced in mining and quarrying.
Lagos State came fourth with announcements totalling $0.26 billion in finance, insurance, and manufacturing.
The leading four destinations accounted for 97% of the total investments announced as against 56% in the corresponding period last year.
Amaka E. Nliam/ Nairametrics
