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Nigeria Attracts $23.30bn Investment In 1 Year

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Foreign investment inflow to Nigeria appears to be on the rise as the country recorded $6.56 billion increase in investment between 2020 and 2021, according to official figures that were obtained yesterday. The 2021 investments announcement report by the Nigerian Investment Promotion Commission (NIPC) showed that $23.30 billion was tracked during the year, representing about 39 percent more than the value tracked in 2020 ($16.74 billion).

Acting Executive Secretary of NIPC Emeka Offor says the increase in value of investment inflows in an indication of the growing confidence of investors in the efforts to improve the national investment landscape.

The top five States, by value of investments 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 (20) as well as the highest value, $10.5 billion (45 percent). Construction recorded 16 percent, while electricity, gas, steam and air conditioning supply 13 percent. On the other hand, information and communication recorded 12 percent, and mining and quarrying: 9 percent made up the top five sectors for the year.

The federal government projected an investment size of N348.1 trillion in its national development plan 2021 – 2025. The government is expected to provide N49.7 trillion or 14.3 percent, while the private sector would provide the balance of N298.3 trillion or 85.7 percent.

Speaking at a media parley in Abuja yesterday, Mr Offor said his commission has begun the process of developing a strategic plan with a focus on the national development plan sectors. “Critical to this strategy is the profiling of the opportunities in each State as well as sustaining the engagements with the sub-national governments,” the NIPC boss said.

In 2022, it is expected that there would be some marginal upward flow in global foreign direct investment as long as the world sustains the rate of adaptation to the ‘new normal’, governments further relax the restrictions and allow a freer cross borders movement while enforcing social distancing and intensifying campaigns for vaccination coverage as well as improving therapies to bring local transmission of COVID to tolerable levels across the world.

Offor said over the last six years, the government has been implementing reforms on the bureaucratic processes and procedures that bothers on doing business in the country. These reforms are being sustained in a dynamic environment.

“I would like to stress the need for all hands to be on deck to ensure that Nigeria attracts the quantum of investment required to stimulate sustainable socio-economic development,” he stated.

On his part, chairman, NIPC governing council, Dr Babangida Nguroje solicited the support of the press in the coverage and reportage of the activities of the commission, and create positive image for the country.

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