NIPC reports that US$8.41 billion was tracked as investment announcements for Q1 2021 (January–March), approximately 75% more than the US$4.81 billion tracked in the corresponding period in 2020. The increase follows the gradual return of investors' confidence globally after the COVID-19-induced decline in 2020.
NIPC tracked a total of 15 projects across 8 states through its Intelligence Newsletter, published six days a week. Bayelsa State received the largest share of announcements at US$3.6 billion in mining and quarrying, followed by Delta State (US$2.94 billion in seaport construction and power transmission), Akwa Ibom State (US$1.4 billion in mining and quarrying), and Lagos State (US$0.26 billion in finance, insurance, and manufacturing). The leading four states accounted for 97% of total investments announced — up from 56% in Q1 2020.
The top sectors were manufacturing (60%) and construction (34%). Domestic investors were the most active during the period, accounting for 35% of announcements, followed by Morocco (17%), the United Kingdom (3%), and the USA (1%). The full Q1 2021 Report of Investment Announcements is available for download on NIPC's website.
