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Investors commit $46b to 42 projects in nine states, FCT

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Abuja, FCT

The national economy got $45.7 billion investments in 12 sectors from January to June this year, the Nigerian Investment Promotion Commission (NIPC) has stated.

In its latest report released at the weekend in Abuja, the agency noted that the sum was invested on 42 projects in nine states and the Federal Capital. Territory (FCT).

A further breakdown shows that mining and quarrying accounted for 61 per cent of the total value, manufacturing (28 per cent), transportation and storage (five per cent), real estate (three per cent), while the remaining sectors got three per cent.

The document revealed that the commitments were from investors in 11 countries.

It stated that companies from France took the lion share of 35 per cent closely followed by Nigerian companies which invested 31 per cent of the sum.

The report added that United Kingdom organisations recorded 20 per cent, Luxembourg (seven per cent), while the rest eight per cent went to establishments from other nations.

It further revealed that Rivers State was the biggest beneficiary, nicking 35 per cent of the commitments.

Bayelsa and Lagos accounted for 26 per cent each, while Delta got seven per cent.

NIPC’s Executive Secretary, Yewande Sadiku, had recently said the commission was working with the states to make them more attractive to investors.

She relished that her parastatal had a seamless collaboration with the states for close monitoring of investment inflow into the country as a one-stop centre.

Her words: “We are interested in seeing more Nigerians invest in the country, and we have a Domestic Direct Investment model now in the commission.

“We are working with the National Bureau of Statistics to track investment inflow into the country, as the current efforts of the NIPC in working more closely with the states is to increase the level of investments as well as to ensure seamless collaborations and proper tracking.”

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