The Nigerian Investment Promotion Commission (NIPC) has announced that the collated investment announcements for the year 2020 was $16.74 billion, which is down from the 2019 collated figure of $29 .91 billion.
The NIPC disclosed this in its Intelligence Newsletter report on Friday, citing the global pandemic as a major factor for the reduced collated investment announcements figure for 2020.
NIPC revealed collated announcements were a total of 63 projects in 21 states and the Federal Capital Territory for the year 2020. With Lagos State leading the number of projects at 24.
For value, Rivers State was the top state with collated investment valued at $6 billion, followed by Kaduna at $2.8 billion, Kogi at $1 billion and Lagos at $890 million
“The data further showed that the manufacturing sector had the highest number of projects (10) as well as the highest value, $8.4 billion (50 per cent).
“Transportation and storage (28 per cent), information and communication (11 per cent), mining and quarrying (six per cent) and Finance and insurance (three per cent) made up the top five sectors for the year,” NIPC said.
NIPC revealed that Singapore accounted for 36% of the announcements collated during the period, followed by China at 22% and the USA at 15%
What you should know
- NIPC recently announced that its Single Window Investors Portal (SWIP) would be launched in the first quarter of 2021.
- The Single Window Investors Portal is an e-business facilitation portal, an e-government initiative that would facilitate ease of business and investments in Nigeria when launched.