The Nigerian Investment Promotion Commission (NIPC) has said investment pledges from domestic and international investors for Nigeria accelerated by 39 per cent last year.
In its 2021 investment announcement report, the NIPC stated that the economy drew $23.3 billion compared to the $16.7 billion recorded in 2020, according to the pool of investment decisions tracked by the government department.
“The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic,” Emma Offor, NIPC’s acting executive secretary said Wednesday in Abuja.
“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.”
NIPC noted that the year 2021 was a critical one for investors in Nigeria and globally as Africa’s largest economy recovers from the headwinds of COVID-19.
Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa reported the biggest investments in value terms, attracting $8.7 billion, $3.6 billion, $2.9 billion, $2 billion and $1 billion in that order.
The manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45 per cent). Construction (16 per cent), electricity, gas, steam and air conditioning supply (13 per cent), information and communication (12 per cent), and mining and quarrying (9 per cent) made up the top 5 sectors for the year
Mr Offor explained that the investment sector will be adopting a new strategic plan for the year 2022 with a focus on profiling opportunities in each state and sustaining engagements with the sub-national governments.
He said the commission would leverage on its relationships with the states to ensure sustained appreciation of the issues of the business environment, having an understanding of the aggregation of the sub-national perception that forms the national image.
