NIPC Tracks US$2.58b Investment Announcements For Q1 2022

By May 31, 2022 NIPC News

Nigerian Investment Promotion Commission (NIPC) reports that US$2.58 billion was
tracked as investment announcements for the first quarter of 2022. This is 69% less than
the value tracked in the same period of 2020 (US$8.41 billion). The decrease in value
is indicative of the concern occasioned by lingering travel restrictions associated with
the global pandemic (COVID-19) and the war in Ukraine, which has destabilised the
European countries, a major source of investments for the country.

NIPC publishes the Intelligence Newsletter 6 days a week, including on public holidays.
Through this Newsletter, the Commission tracked a total of 33 projects across 5 States
and the Federal Capital Territory (FCT) during the quarter. 79% of the projects were
planned for Lagos State.

The top 5 States, by value of investments, are Sokoto State (US$1.5 billion), Lagos
State (US$881 million), FCT (US$58 million), Rivers State (US$50 million), and Delta
State (US$40 million).

Further analysis of the data showed that the top five sectors are manufacturing (45%),
agriculture (25%), information, communication and technology (20%), transportation
(5%), and finance and insurance (4%). The domestic investors were the most active
during the quarter, accounting for 44% of the announcements tracked during the period.

The other major sources were the United States of America (39%), the United Kingdom
(8%), the United Arab Emirates and Austria (4%, respectively).

NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled,
from various sources. This Report is based only on investment announcements cited in
NIPC’s Newsletters from January to March 2022; it may not contain exhaustive
information on all investment announcements in Nigeria during the period.

Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy.
NIPC did not independently verify the authenticity of the investment announcements
but is working on tracking the announcements as they progress to actual investments.

27 May 2022

Source: NIPC Intelligence