As part of its mandate of encouraging, promoting and coordinating investment in
Nigeria, Nigerian Investment Promotion Commission (NIPC) is pleased to release the
Report of Investment Announcements for 2018. The Report is presented by sector,
investors’ country of origin, and destination state.
The Report shows that US$90.9 billion worth of proposed investments were
announced for 92 projects in 23 states and the Federal Capital Territory (FCT).
Mining & quarrying accounted for 35% of the total value, manufacturing 24%,
construction 20%, transportation and storage 15%, while other sectors accounted for
6%. Comparatively, the proposed investments for 2018 show a 27% growth in value
year on year, from the USD$66.36 billion figure recorded in 2017.
The 2018 announcements were from investors in 20 countries, with domestic investors
accounting for 33% of the value, followed by investors from United Arab Emirates at
20%. France stood at 18%, United Kingdom 10%, and the remaining 19% were from
FCT was the biggest beneficiary of the announcements with 21% (by value). Rivers
State accounted for 18%, Lagos and Bayelsa 14% & 13% respectively, while other
states accounted for the balance of 34%.
The most active month was September with 12 projects reported, closely followed by
December and February each with 11 projects. While September accounted for 22%
of the total value, December and February were 19% and 1% respectively. The top 10
announcements totalled US$79.3 billion, representing 87% of the value of the
NIPC sends out its NIPC Intelligence Newsletter 6 days a week. The Newsletter
carries Nigerian investment-related news culled from various sources. As the Report is
based only on investment announcements cited in NIPC’s Newsletters from January to
December 2018, 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.
03 February 2019
Source: NIPC Intelligence