Twenty-One States To Get $16.7bn Investments In 63 Projects

Barring any last minute change in plans, the sum of $16.74bn is to be invested in 63 projects located in 21 states and the Federal Capital Territory.

The Nigerian Investment Promotion Commission said this in its report for 2020 obtained on Friday by THE WHISTLER.

However, the Commission said when compared to the $29.91bn which investors had pledged in 2019, the $16.74bn represents a decline of 44 per cent.

The drop in value can be attributed to the economic impact of the COVID-19 pandemic, which disrupted global value chains and capital flows.

A similar downward trend is expected for actual investments recorded in Nigeria and globally.

A breakdown of the investment showed that 24 of the projects were planned for Lagos State, followed by Kaduna and Ekiti States with five projects each.

In terms of value, the top five States are Rivers State ($6bn), Kaduna State ($2.8bn), Kogi State (US$1bn), Lagos State ($0.89bn), and Ogun State ($0.08bn).

The data further showed that the manufacturing sector had the highest number of projects. The sector had ten valued at $8.4bn. This is about 50 per cent of the entire investment commitment for the entire period.

Transportation and storage accounted for 28 per cent of the investment commitment; information and communication 11 per cent; mining and quarrying six per cent, and finance and insurance three per cent.

Singapore accounted for 36 per cent of the planned investment during the period.

The other major sources of the planned investments were China (22 per cent), United States of America (15 per cent), South Africa (10 per cent), United Kingdom (nine per cent), and domestic investors (eight per cent).