The Nigerian Investment Promotion Commission, NIPC says it has begun the process of validating the records of the investment announcements in order to convert them into actual investment.
The Acting Executive Secretary of the Commission, Mr Emeka Offor who said this during a media briefing in Abuja stated that the National Development Plan 2021–2022 has projected for the Commission a capital requirement of N348.7 trillion naira with 86% (N298.3 trillion naira) expected to be provided by the private sector.
He said it is expected that the report from the validation exercise will provide further understanding of investors’ readiness to invest in Nigeria.
According to Mr Offor, “Announcement report indicated that USD23.30 billion was tracked during the year 2021 representing about 39% more than the value of USD16.74 billion tracked in 2020.”
“The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the COVID-19 pandemic and It indicates the growing confidence of investors in the efforts to improve the national investment landscape.”
The Acting Executive Secretary stated that the top 5 States, by value of investments in year 2021 are Lagos State $8.7 billion, Bayelsa State $3.6 billion, Delta State $2.9 billion, Akwa Ibom State $2 billion and Adamawa State $1 billion.
“The manufacturing sector had the highest number of projects as well as the highest value of 45%. Construction 16%, electricity, gas, steam and air conditioning supply 13%, information and communication 12%, and mining and quarrying 9% which made up the top 5 sectors for the year.” The NIPC boss added.
Mr Offor also noted that the Commission has begun the process of developing a strategic plan with a focus on the Nation Development Plan sectors.
The Acting Executive Secretary, NIPC said “Critical to this strategy is the profiling of the opportunities in each State as well as sustaining the engagements with the sub-national governments.”
“We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of the State Investment Promotion Agencies while also stimulating healthy competition for investments across the regions and the States.”
Bilkisu Pai
