Lagos state received the largest share of investment announcements of $7.29 billion in the third quarter of the year, accounting for 81 percent of the total deals.
Rivers state followed Lagos with $300 million worth of announcements in manufacturing and transportation and Oyo state with $231 million announced in electricity and trade (e-commerce).
With the total investment announcements standing at $8.99 billion for the third quarter, these three states landed the largest investment.
The Nigeria Investment Promotion Commission (NIPC) said this in its latest report titled “Report of investment announcements (July-September 2021),” released on Tuesday.
This figure represents the highest investment since the corresponding quarter in 2019 when the investment announcement totalled $9.3 billion.
With 81 percent of the total investment, Lagos claimed the first position from the second position in Q2 while Rivers jumped to second place from fourth place in Q2.
In the second quarter, Ogun and Lagos topped the list with 56% of the total investments. Nasarawa and Rivers followed closely with $300 million each in the same quarter. Bayelsa and Delta were the champions of the first quarter, receiving 43%, culminating in $3.60 billion and 35%, representing $2.94 billion, respectively.
Sectorally, the manufacturing industry had the largest investment announcements in Q3 by 42 percent, amounting to $3.76 billion of total figures. Year-to-date, the sector’s position remained unchanged in terms of getting the largest share of investment announcements.
In Q2, it got 49%, culminating in $821.4 million, and in Q1, it received 60% of the total figures at $5.08 billion.
The electricity, gas, steam and air conditioning supply industry got the second largest investment with $2.24 billion, representing 25% of total investment announcements, with $2.06 billion at 23% going to the Information and Communications sector in Q3.
Nigeria got the highest investment by source — followed by South Korea and South Africa, representing 95.63% of total investment.
The investors came for Nigerian National Petroleum Corporation (NNPC), Egbin Power Plc, MTN Nigeria Communications, and Dangote Sugar Refinery Plc.
The commission said the report may not contain comprehensive information about the investment announcements in the third quarter — but a general overview of the attractiveness of investors to the Nigerian economy.
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