NIPC has published the Report of Investment Announcements for Q1 2022, tracking US$2.58 billion across 33 projects in 5 states and the Federal Capital Territory. The value is 69% lower than the US$8.41 billion tracked in the same period in 2021, a decrease attributed to lingering travel restrictions associated with COVID-19 and the economic disruption caused by the war in Ukraine, which has destabilised European countries — a major source of investments for Nigeria.
Lagos State accounted for 79% of total projects tracked. The top five states by value were Sokoto (US$1.5bn), Lagos (US$881m), FCT (US$58m), Rivers (US$50m), and Delta (US$40m). The top five sectors were manufacturing (45%), agriculture (25%), ICT (20%), transportation (5%), and finance and insurance (4%). The United States accounted for 39% of foreign investor activity, followed by the United Kingdom (8%), and the UAE and Austria (4% each).
