- Nigeria saw a considerable increase in investment from January to September 2021 when compared to the same period in 2020.
- Despite the fact that the increase in investment in 2021 may be attributed to the covid-19-induced reduction in 2020.
- Lagos remains the most appealing state, with telecommunications and energy industries recording the major deals
In the first nine months of 2021, Nigerian companies received $19.1 billion(N7.79 trillion) in investments from domestic and foreign investors, rising 113 percent from $8.98 billion in the same period of 2020.
Nigeria Investment Promotion Commission (NIPC) revealed this in its latest investment report published on its website.
According to the report, the investments recorded in the review period comprised of 62 projects across 16 states in the federation.
Breakdown of Investment
The report showed that from January to March $8.41 billion was recorded while $1.69 billion came into the country from Aprl to June.
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July to September 2021 recorded the most significant investment worth $8.99 billion.
Investment by sectors
The manufacturing sector attracted the highest investment in the nine months period reaching $3.76 billion and accounting for 42 percent of overall inflows.
Followed by the electricity sector which received $2.24 billion in investment, accounting for 25% of total funds, while the technology and communications sector received $2.06 billion, accounting for 23%.
Investment into Nigeria by States
Most of the funds were directed to the economic hub of the nation, Lagos State which received a sum of $7.29 billion in form of investments in Q3 2021, accounting for 82% of the total.
Rivers State followed with $300 million, which is 3% of the total, while Oyo State received $230 million in the review quarter.
Source of investment into Nigeria
In terms of where the money came from, 47 percent of the overall investments ($4.23 billion) came from within the country, 22 percent ($2 billion) came from South Korea, 16 percent ($1.46 billion) came from South Africa, and $0.52 billion came from Spain.
Companies with deals
Brass Fertiliser and Petrochemical Company tops the list with an investment of $3.6 billion in the month of January, accounting for 18.8% of the total investments recorded in the review period. The investment was channeled to Bayelsa State and the fund was sourced internally from Nigeria, China, and Europe.
Second on the list according to the report was Mercury Maritime Concession Company with $2.9 billion, representing 15.2% of the total investments recorded between January and September 2021. The fund was sourced locally from Nigeria and invested in Delta State.
Nigerian National Petroleum Corporation (NNPC) ranks third with an investment of $2.5 billion in the month of August, accounting for 13.1% of the total investments recorded in the review period.
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The investment was channelled to Lagos State and the fund was sourced internally from Nigeria.
Egbin Power Plc recorded investments worth $2 billion, representing about 10.5% of the total investments. The fund was sourced from South Korea and was invested in Lagos State.
MTN Nigeria Communications invested a sum of $1.46 billion in August 2021, which was also moved into Lagos State. The fund came into the country from South Africa.
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