Wednesday, December 8, 2021

Nigeria records Investment worth $8.99 billion in third quarter of 2021.

In the third quarter of 2021  ,the sum of $8.99 billion dollars was tracked by Nigeria Investment promotion commission (NIPC)

The commission stated that the figure increased by 130 percent above value in corresponding period in 2020 ($3.95 billion)

Director, strategic services, NIPC, Abubakar Yerima, who made this disclosure in Abuja, explained that a total of 33 projects were tracked across eight states during the period.

Yerima noted that the month of August was the most active during the quarter, accounting for 64 per cent of the total announcements.

He  further  stated that when compared to Q3 2020, the country saw a noticeable improvement in the level of confidence by the investing community post COVID-19.

According to him, Lagos State received the largest share of the announcements with 20 projects accounting for 81 per cent ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services and electricity.

Rivers State also  recorded  an increase of $300 million worth of announcements in manufacturing and transportation, and Oyo State had $231 million announced in electricity and trade (e-commerce). The four states, he added, accounted for 87 per cent of the total investments.

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