Rivers, Kaduna and Kogi states got the lion share of investment in terms of value in 2020, according to investment announcements tracked by the Nigerian Investment Promotion Council (NIPC).
The three states collectively attracted investment projects worth $9.8 billion last year with Rivers State getting project commitments valued at $6 billion (36 percent), Kaduna, $2.8 billion (17 percent) and Kogi, $1billion (6 percent).
Lagos State attracted $0.89 billion investment commitment, representing five percent of the total investment while other states of the federation attracted $6.05 billion, representing 36 per cent of the investments.
In October last year, the Minister of State for Petroleum Resources and, Timipre Marlin Sylva, disclosed that Indorama-Nigeria was planning to invest additional $6billion in the country, for the expansion of its fertilizer plant.
The NIPC report indicated that Nigeria’s economy recorded a sharp drop in investments in 2020 as investors’ commitments declined by 44 per cent when compared with 2019.
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According to the investment announcements data, the economy attracted $16.74 billion throughout last year, a decline from $29.91 billion recorded in the preceding year.
Analyses of the data released by the NIPC showed that investments announced declined in the first three quarters of the year.
The Commission attributed the declined investment inflow to the COVID-19 pandemic and that it aligned with global slowdown in investment.
“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,” the NIPC stated.
According to NIPC, the $16.74 billion investments announced last year were committed to a total of 63 projects that would be executed in 21 states of the federation, the FCT, and the Niger Delta region.
The manufacturing sector led other sectors to receive the lion share of the investments worth $8.36 billion, representing 50 per cent of the total investments announced last year.
The transportation sector got $4.61 billion, which is 28 per cent of the total investments announced.
The Information and Communication Technology (ICT) sector was the third favourite sector for investors at $1.81 billion, representing 11 per cent of the total sum.
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Mining and quarrying sector attracted $1.07 billion investments in the period under review, representing six per cent of the total investments.
According to the NIPC report, $6 billion, representing 36 per cent of the total investments came from Singapore, while $3.71 billion, representing 22 per cent of the investments came from Chinese investors.
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