Investment commitments hit $90b

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Nigerian Investment Promotion Commission (NIPC) has released records indicating the total investment commitments in economy between January and December 2018, stood at $90.9 billion.

The investment is up from $66.36 billion in 2017, an increment by 36.98 per cent.

The $90.9 billion represented the total investments in the various sectors of the country’s economy.

According to the NIPC, the proposed investments were made for 92 projects in 23 states and the Federal Capital Territory.

An analysis of the sectorial investment, according to figures provided by the NIPC, showed that mining and quarrying accounted for a large portion of the investment with 35 per cent of the total value.

This is followed by the manufacturing sector with 24 per cent, while construction with 20 per cent, transportation and storage with 15 per cent followed.

Other sectors accounted for the balance of six per cent.

It noted that the investment commitments were made by investors from 20 countries.

Domestic investors accounted for a large portion of the proposed investments with about 33 per cent of the value.

This is followed by investors from the United Arab Emirates with 20 per cent, while France stood at 18 per cent, and the United Kingdom with 10 per cent.

The report said the balance of 19 per cent were investment commitments made by other investors from other countries. It was also stated that the Federal Capital Territory was the biggest beneficiary of the proposed investments as it got about 21 per cent of the total investment pledged during the period.

It was added that Rivers State accounted for 18 per cent, while Lagos and Bayelsa got 14 per cent and 13 per cent, respectively. The other states in the country accounted for the balance of 34 per cent.

Source