The Nigerian Investment Promotion Commission (NIPC) reports it collated $16.74bln as investment announcements for the year 2020, 44 per cent drop in the value collated for 2019.
The NIPC investment report released on Friday stated that collated investment in 2019 was $29.91bln.
The report said that the drop in value could be attributed to the economic impact of the COVID-19 pandemic, which disrupted global value chains and capital flows.
It said a similar downward trend was expected for actual investments recorded in Nigeria and globally.
Through its Intelligence Newsletter published six days a week, NIPC collated a total of 63 projects across 21 States and FCT during the year.
The report said that 24 of the projects were planned for Lagos, followed by Kaduna and Ekiti States with five projects each.
In terms of value, it listed the top five states as Rivers ($6 billion), Kaduna ($2.8 billion), Kogi ($1 billion), Lagos ($0.89 billion) and Ogun ($0.08 billion).
The data further showed that the manufacturing sector had the highest number of projects (10) as well as the highest value, $8.4 billion (50 per cent).
Transportation and storage (28 per cent), information and communication (11 per cent), mining and quarrying (six per cent) and Finance and insurance (three per cent) made up the top five sectors for the year.
Singapore accounted for 36 per cent of the announcements collated during the period.
The other major sources were China which accounted for 22 per cent and U.S. which accounted for 15 per cent.
South Africa accounted for 10 per cent, while UK and domestic investors accounted for nine and eight per cent respectively.
The report is based only on investment announcements cited in NIPC’s Newsletters from January to December 2020 and may not contain exhaustive information on all investment announcements in Nigeria during the period but it gives a sense of investors’ interest in the Nigerian economy.
NIPC did not independently verify the authenticity of the investment announcements but noted they were working on tracking the announcements as they progressed to actual investments.
