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Investors to sink $73.08bn in 65 projects in FCT, 18 states – NIPC

The Nigerian Investment Promotion Commission (NIPC) has revealed that investors have announced to spend $73.08 billion to execute 65 projects in 18 states and the Federal Capital Territory (FCT).

The report, released yesterday by the intelligence unit of the NIPC, indicated that investment announcements were tracked for the first three quarters of 2018.

The sectoral analysis indicated 11 mining and quarrying accounts for 43 per cent of the total value, while construction accounts 25 per cent and manufacturing for 23 per cent.

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The report showed that electricity, gas, steam and air conditioning supply, transportation and storage accounts for three per cent each and the remaining sectors accounts for five per cent.

The report also showed that the announcements were from investors in 17 countries, with investors from the United Arab Emirates (UAE) accounting for 25 per cent of the value, followed by investors from France at 22 per cent.

Meanwhile, Nigeria stood at 20 per cent, UK at 13 per cent, China at eight per cent, while the remaining 13 per cent were from other countries.

The Report further revealed that the FCT was the biggest beneficiary of the announcements; with 26 per cent by value, while Rivers State followed by 22 per cent.

Bayelsa, Katsina and Akwa Ibom states accounted for 16, three and two per cent respectively, while the remaining states accounted for the balance of 31 per cent.

The most active month was September; where 12 projects were announced worth $20.39bn, representing 28 per cent of the total announcements made so far in the year.

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Analysis of the report showed that the top 10 announcements accounted for $68.1bn, representing 93 per cent of the value.

In a statement accompanying the report, NIPC said, “The report gives a sense of investors’ interest in the Nigerian economy in the first three quarters of 2018. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.”

Source: Francis Arinze Iloani

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