Nigeria recorded investment announcements worth $8.99 billion in the third quarter of 2021. This is an increase of 130% from the $3.95 billion recorded in the corresponding period in 2020.
This was disclosed by the Nigerian Investment Promotion Commission (NIPC) via a report titled ‘Report of investment announcements (July-September 2021), released on Tuesday, November 2, 2021.
According to the report, Nigeria got the highest investment by source, followed by South Korea and South Africa, representing 95.63% of total investment.
Highlights of the report
- A total of 33 projects were tracked across 8 States during the period. The month of August was the most active during the quarter, accounting for 64% of the total announcements.
- The top 10 announcements accounted for 96% of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post COVID-19.
- Lagos State received the largest share of the announcements with 20 projects accounting for 81% ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.
- Rivers State recorded $300 million worth of announcements in manufacturing and transportation, and Oyo State had $231 million announced in electricity and trade (e-commerce). 4 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%).
What you should know about the report
The report is based only on the news articles cited in NIPC’s newsletters published from July to September 2021; it may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.
