NIPC has released a Report of investment announcements tracked by its Intelligence Newsletters from January to June 2018, providing a breakdown by sector, investor country of origin, and destination state.
Between January and June 2018, US$45.74 billion worth of investments were announced across 42 projects in 10 states and the Federal Capital Territory. The sectoral analysis shows that mining and quarrying dominated by value at 61%, followed by agriculture at 12%, manufacturing at 10%, real estate at 7%, and oil and gas at 4%. Mining and quarrying's outsized share was driven largely by a single major announcement in the Bida Iron Ore Project.
Nigeria and the United Kingdom were jointly the largest sources of announced investment, each accounting for 15% of total announcements by value. The United States followed at 14%, with China at 11% and Australia at 9%. Kogi State attracted the highest share of announced investment by value at 49%, reflecting the concentration of mining projects, while Lagos State accounted for 14% and the Federal Capital Territory 11%.
As with previous editions, the Report is based solely on investment announcements carried in NIPC's Intelligence Newsletters during the reference period and may not capture all investment activity in Nigeria. NIPC did not independently verify the authenticity of the announcements. The Commission will continue to track and facilitate the conversion of announced projects into actual investments.
