The Nigerian Investment Promotion Commission (NIPC) reported that Nigeria’s manufacturing sector topped investment announcements for the 3rd quarter of 2021 with US$8.99 billion, attracting 42% of the investments in the country.
This was disclosed by the Acting Executive Secretary of NIPC, Mr Emeka Offor, during a press briefing in Abuja on Tuesday.
He stated that it signified a major improvement in investor confidence in Nigeria, post COVID-19.
What the NIPC boss said
Offor stated that in Q3 2021, US$8.99 billion was tracked as investment announcements in 33 projects across 8 states, citing that a new tool implementation would allow NIPC to authenticate the announcements and propel them from mere announcements to actual investments.
Meanwhile, Director, Strategic Services, NIPC, Mr Abubakar Yerima, said that August was the most active during the quarter, accounting for 64% of the total announcements.
He added that Lagos received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.
He said, “Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, and that Oyo State had US231 million announced in electricity and trade (e-commerce).
“The four states accounted for 87% of the total investments.
“The top sectors were manufacturing, 42%, electricity, gas, steam and air conditioning supply, 25%, information and communications, 23% and transportation 7%.
“Domestic investors were the most active during the period, accounting for 47% of the announcements, followed by announcements from South Korea, 22%, South Africa 16% and the Kingdom of Spain 6%.”
The NIPC stated that investment reports announcements were mainly only on the news articles cited in NIPC’s newsletters published from July to September 2021 as the report gives a sense of investors’ interest in the Nigerian economy.
In case you missed it
Recall Nairametrics reported last month that the Nigerian Investment Promotion Commission (NIPC) came top position out of 213 Ministries Department and Agencies (MDAs) ranking on access to Freedom of Information (FOI).
The report was published by the Public and Private Development Center (PPDC), which indicated that NIPC emerged winner with 68.5 points, according to the News Agency of Nigeria.
Other MDAs that finished in the top 5 include the Bureau of Public Service Reforms (BPSR) which came 2nd with 60.5 points; National Orientation Agency came 3rd with 51 points, Nigerian Export Promotion Council (NEPC) came 4th with 48.5 points and Accident Investigation Bureau came 5th with 47.75 points.