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‘Government records over $9.29 billion investment inflow in third quarter’


[FILE PHOTO] Oil and Gas

Over $9.29 billion worth investments came into the nation’s economy in quarter three (Q3) of 2019, according to the Nigerian Investment Promotion Commission (NIPC’s) July to September, 2019, Newsletter.

Broken down, NIPC said a total of 13 projects across four states and offshore Nigeria were announced by investors from four countries.

The investments however, fall short by a whopping $63.79billion year-on-year to Q3 2018, which recorded about $73.08 billion inflows into the country.


Specifically, some of the investments included the Aiteo Eastern Exploration and Production Company over $5 billion in crude exploration; and Sterling Oil Exploration and Energy Production Company Limited (SEEPCO), in joint venture (JV) with the Nigerian National Petroleum Corporation (NNPC) $3.15 billion for the development of Oil Mining Lease (OML) 13.

Also CMES-OMS Petroleum Development Company (CPDC), another NNPC JV’s $75.75 million for the funding, provision of technical services, and alternative financing for the development for OML 65, while Datasonic Group Berhard, a Malaysian Group’s $100 million in the information and communication infrastructure.

Presenting the report before journalists in Abuja, weekend, the Executive Secretary, NIPC, Ms, Yewande Sadiku, said announcement by Nigerian companies accounted for 98 per cent of the total investments, mainly for the development of oil fields, thus indicating the growing capacity of indigenous operator in the oil and gas sector.

She continued: “In a similar vein, mining and quarrying sector accounted for 98 per cent while information and communications, finance and insurance, transportation and storage, real estates, human health and social services, manufacturing and agriculture collectively accounted for the balance of two per cent.”

According Sadiku, the major investment destination is the Niger-Delta region with 87 per cent, while Lagos, Kaduna, Anambra, and Ogun states accounted for less than one per cent, but did not disclose destinations for the balance 12 per cent.


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