Nigerian Investment Promotion Commission (NIPC) has published its Report of Investment Announcements for the full year 2020, recording US$16.74 billion tracked — a 44% decline from the US$29.91 billion tracked in 2019. The report attributes the decline to the economic impact of the COVID-19 pandemic, which disrupted global value chains and suppressed capital flows.
NIPC tracked a total of 63 projects across 21 states and the FCT through its Intelligence Newsletter. By value, Rivers State led with US$6 billion, followed by Kaduna (US$2.8 billion), Kogi (US$1 billion), Lagos (US$0.89 billion), and Ogun (US$0.08 billion). Manufacturing was the leading sector by both number of projects (10) and value (US$8.4 billion, representing 50% of total).
Singapore was the leading source of investment announcements at 36%, followed by China (22%), USA (15%), South Africa (10%), UK (9%), and domestic investors (8%). NIPC notes that the report is based on investment announcements cited in the Commission's Newsletters and may not contain exhaustive information on all announcements during the period. The figures represent stated intentions and have not been independently verified.
