Investors pledged to invest $8.99 billion in Nigeria in the third quarter of this year, according to a report by the Nigerian Investment Promotion Commission (NIPC) on investment announcements in the country.
NIPC said the investment announcements in Q3’21 was 130 percent higher than the $3.95 billion recorded in the corresponding period in 2020 (Q3’20).
This brings the total investment announcements from January to September this year to $19.10 billion.
In the third quarter, the report stated that Lagos State attracted accounted fro about 81 percent of the total announcements at $7.29 billion.
The NPIC report stated, “The month of August was the most active during the quarter, accounting for 64 percent of the total announcements.
“The top 10 announcements accounted for 96 percent of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post-COVID-19.
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“In the period covered by the report, Lagos State received the largest share of the announcements with 20 projects accounting for 81 percent ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.
On a sectoral basis, NIPC reported that the sectors with the most investment announcements tracked were manufacturing (42 percent), electricity, gas, steam and air conditioning supply (25 percent), information and communications (23 percent) and transportation (7 percent).
The commission added that domestic investors were the most active during the period accounting for 47 percent of the announcements, followed by announcements from South Korea (22 percent), South Africa (16 percent), and the Kingdom of Spain (6 percent).
