NIPC reports that US$3.95 billion was tracked as investment announcements for Q3 2020 (July–September). This represents 57% less than the value tracked in the corresponding period in 2019 (US$9.29 billion). The significant decline is attributed to the economic disruption caused by the COVID-19 pandemic and its impact on global capital flows.
Through its Intelligence Newsletter, published six days a week, NIPC tracked a total of 13 projects across 8 states during the quarter. Three of the investment announcements were start-up enterprises in healthcare delivery and information and communication technology (software development).
Kogi State received the largest share of the investments announced at US$1 billion, followed by Lagos State (US$239 million), Ogun State (US$75 million), and Cross River State (US$15 million). By sector, transportation accounted for 66% of investments tracked, manufacturing 27%, and information and communication and mining and quarrying a further 5% combined.
China accounted for 66% of the investments tracked during the period. The other major source countries were the United Kingdom (28%), domestic investors (4%), and the United States (2%). The full Q3 2020 Report of Investment Announcements is available for download on NIPC's website.
