Nigerian Investment Promotion Commission (NIPC) has said that Nigeria recorded a total of N32.82 trillion ($90.9 trillion) proposed investments in 2018 for 92 projects in 23 states and the Federal Capital Territory (FCT).
NIPC’s Report of Investment Announcements for 2018 released, yesterday, showed that Nigeria recorded a 27 per cent growth in value of proposed investments in 2018 from N23.96 trillion ($66.36 billion) recorded in 2017.
A breakdown of the proposed investments for 2018 showed that mining and quarrying accounted for 35 per cent of the total value, manufacturing 24 per cent, construction 20 per cent, transportation and storage 15 per cent, while other sectors accounted for 6 per cent.
The top 10 investment announcements in 2018 totalled N28.63 trillion ($79.3 billion), representing 87 per cent of the value of the announcements. The report revealed that the 2018 announcements were from investors in 20 countries, with domestic investors accounting for 33 per cent of the value, followed by investors from the United Arab Emirates at 20 per cent.
France stood at 18 per cent, United Kingdom 10 per cent, and the remaining 19 per cent from other countries.
Analysis of the report showed that FCT was the biggest beneficiary of the announcements, with 21 per cent, while Rivers State accounted for 18 per cent, Lagos and Bayelsa 14 per cent and 13 per cent respectively, and other states accounted for the balance of 34 per cent.
“The most active month was September with 12 projects reported, closely followed by December and February each with 11 projects,” the report stated.
While September accounted for 22 per cent of the total value, December and February were 19 per cent and 1 per cent respectively.