Nigeria Investment Promotion Commission (NIPC) has published a Report of the investment announcements tracked by its newsletters from January to December 2017, presented by sector, investors’ country of origin, and destination state.
The Report shows that in 2017, US$66.36 billion worth of investments were announced for 112 projects in 27 States and the Federal Capital Territory. The sectoral analysis of the announced investments indicates that the top 5 sectors by value were oil & gas which accounted for 38%, manufacturing 18%, energy sector 15%, real estate 10% and transportation 6%. In terms of the country of origin of the investors, most of the investment commitments were from Nigerian investors, accounting for 16%, closely followed by announcements made by companies from USA and Norway at 15% each. Chinese commitments stood at 12%, and United Kingdom 10%.
The Report further revealed that Rivers State was the biggest beneficiary of the announcements with 18% (by value) of the investment announcements made in favour of the State. Bayelsa State accounted for 10%, Taraba State 9%, and Lagos and Ogun States had 8% each. The top 10 announcements accounted for US$43.1 billion, representing 65% of the value of the announcements.
NIPC sends out its NIPC Intelligence Newsletter 6 days a week. The Newsletter carries Nigerian investment-related news culled from various sources. As the Report is based only on investment announcements cited in NIPC’s Newsletters from January to December 2017, it may not contain exhaustive information on all investment announcements in Nigeria during the period. Nevertheless, the Report gives a fair sense of investor interest in the Nigerian economy in 2017. NIPC did not independently verify the authenticity of the investment announcements.
In 2018, NIPC will proactively work with the investors, embassies and state investment promotion agencies, to facilitate the conversion of the projects from announcements to actual investments. NIPC will also continue to track investment announcements in 2018.
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