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States received a total investment commitment of $17.88bn

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By Victoria Ojeme

Nigerian Investment Promotion Commission on Thursday said that in the first quarter of this year, states received a total investment commitment of $17.88bn.

Yewande Sadiku

The investments according to the Executive Secretary, NIPC, Yewande Sadiku, were secured in 32 projects across the states of the federation.

Sadiku who spoke during a chat with journalists in Abuja, noted that the investments may not have fully materialised.

The NIPC boss gave some of the states that received huge investment commitment as Lagos with $3bn, Ogun $1.04bn, Niger $754.7m, Gombe $315m and Kano $174.6m

The NIPC boss said that the oil and gas sector with a total investment commitment of $12.9bn got the highest interest from investors.

The $12.9bn is about 72 per cent of the total investment commitments during the period.

This is followed by services sector with $4.5bn representing 25.3 per cent, manufacturing with $440m or 2.5 per cent and agriculture with $10m.

Providing the country of destination from where these investments would be made, she said investors from the United Kingdom made a commitment of $9bn or 50.3 per cent, Nigeria $4.21bn representing 23.6 per cent while investors from the United States pledged the sum of $2.35bn.

There is also an investment commitment of $1.2bn from China, Switzerland $847m while other countries had a combined figure of $262m.

She said although most of the announced investments are yet to mature, the commission now has a seamless collaboration with the states to enable it to monitor closely investments inflow into the country, as a one-stop centre.

She said, “This figure gives us a sense, but I tell you that there are investments that may not be disclosed since investors are not really under obligation to.

“We are interested in seeing more Nigerians invest in the country, and we have a Domestic Direct Investment model now in the commission and we working with the National Bureau of Statistics to track investments inflow into the country.‎”

“The current efforts of the NIPC in working more closely with the states is to increase the level of investment inflow into the country, and to ensure seamless collaboration and proper tracking.”

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