NIPC reports that US$16.74 billion was tracked as investment announcements for the full year 2020. This is 44% less than the value tracked in 2019 (US$29.91 billion). The decline is attributed to the economic impact of the COVID-19 pandemic, which disrupted global value chains and capital flows. A similar downward trend is expected for actual investment flows recorded in Nigeria and globally.
Through its Intelligence Newsletter, published six days a week, NIPC tracked a total of 63 projects across 21 states plus the Federal Capital Territory. Lagos State had the highest number of projects (24), followed by Kaduna and Ekiti States with 5 projects each.
By value, the top five states were Rivers State (US$6 billion), Kaduna State (US$2.8 billion), Kogi State (US$1 billion), Lagos State (US$0.89 billion), and Ogun State (US$0.08 billion). The manufacturing sector had the highest number of projects (10) as well as the highest value at US$8.4 billion (50% of total). Transportation and storage accounted for 28%, information and communication 11%, mining and quarrying 6%, and finance and insurance 3%.
Singapore accounted for 36% of the announcements tracked during the period. The other major sources were China (22%), the United States (15%), South Africa (10%), the United Kingdom (9%), and domestic investors (8%). The full 2020 Report of Investment Announcements is available for download on NIPC's website.
