A total of $8.99 billion worth of investment negotiations in Nigeria have been tracked, involving 33 projects spread across eight states of the federation in the third quarter of the year (Q3 2021).
This was disclosed by the acting executive secretary/chief Executive, Nigerian Investment Promotion Council, NIPC, Emeka Offor, on Tuesday.
He said the investment interests were 130 per cent higher than the $3.95 billion recorded in the corresponding period in 2020.
Though not actual investments, the development tends to demonstrate a boost in investors’ confidence in the Nigerian economy.
Offor said NIPC recently had an engagement with State Investment Promotion Agencies aimed at building synergy across states for regional investment promotion and sustainable economic development, building relationships with international development organisations, including UNIDO, GIZ, and Afreximbank, to build the capacity of staff as well as elevate the country’s investment potentials.
Offor also said the Single Window Investors’ Platform, SWIP, of the NIPC was an offshoot of the One-Stop Investment Centre, OSIC, which was established in 2006, with 13 participating agencies, cutting across federal, state and non-governmental organisations (NGOs) to ensure convenience, efficiency, simplicity, speed and transparency.
Lagos State received the largest share of the investment announcements with 20 projects, accounting for 81 per cent ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.
Rivers recorded $300 million worth of investment interest in manufacturing and transportation, while Oyo had $231 million announced in electricity and trade (e-commerce).
The three states accounted for 87 per cent of the total investments.