As part of its mandate of encouraging, promoting and coordinating investment in Nigeria, NIPC has released the Report of Investment Announcements for 2018, presented by sector, investor 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. Mining and quarrying accounted for 35% of the total value, manufacturing 24%, construction 20%, transportation and storage 15%, while other sectors accounted for 6%. Compared with 2017, the proposed investments for 2018 show a 27% growth in value year on year, from the US$66.36 billion 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 the United Arab Emirates at 20%. France stood at 18%, the United Kingdom at 10%, and the remaining 19% were from other countries.
The FCT was the biggest beneficiary of the announcements with 21% by value. Rivers State accounted for 18%, Lagos and Bayelsa 14% and 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. The top 10 announcements totalled US$79.3 billion, representing 87% of the value of the announcements.
NIPC sends out its Intelligence Newsletter six days a week, carrying Nigerian investment-related news drawn 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 activity in Nigeria during the period. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking them as they progress to actual investments.
