- Nigerian states are attracting massive investments as the COVID-19 pandemic seems to be easing and investors look towards the country
- Lagos leads four other states in the country as top investment destinations for investors who have begun to build confidence in the Nigerian economy
- The Nigerian Investment Promotion Commission (NIPC) revealed that the promises from investors home and abroad grew by 39 per cent
The Nigerian Investment Promotion Commission (NIPC) has revealed that promises from local and international investors for Nigeria grew by 39 per cent in 2021.
A growing confidence
According to its 2021 investment announcement report, the body said that the Nigerian economy attracted N9.6 trillion in comparison to the N6.9 trillion it recorded in 2020.
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Nigeria: Report list five African countries in big trouble over huge debts as relief period expires in 2022
What NIPC said
“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.”
According to the body, 2021 was a crucial one for investors in Nigeria and globally as the country bounces back from the ravaging effects of the COVID-19 pandemic.
Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa were top investment choices as they saw a surge in investment value terms, attracting N3.3 trillion, N1.4 trillion, N1.2 trillion and N830 billion.
Investors pouring trillions into states
Offor explained that the sectors will be adopting a new strategic plan for the year 2022 which will focus on profiling engagements with the sub-national governments.
Offor said that the sector will be adopting a new important plan for the year 2022 with a focus on profiling opportunities in each state and sustaining engagements with the sub-national governments.
Report list five African countries in big trouble over huge debts
Legit.ng reported that a report from Bloomberg has highlighted the debt mess African countries are in as an era of extraordinary pandemic-induced stimulus and relief for poor nations draws to an end.
Using data from Standard Bank Group Ltd, the report noted that key African economies will face debt risks over the next two years.
The Johannesburg-based lender named Ghana, Kenya, Angola, Ethiopia and Zambia as the “fragile five” while naming Uganda as among the continent’s brightest stars in 2022.