18 states, Abuja get $73b projects

The Federal Capital Territory (FCT) and 18 states attracted 65 projects worth $73.08 billion in the first three quarters of this year, the Nigerian Investment Promotion Council (NIPC) has disclosed.

The parastatal, in a report on its website, gave the 11 sectors that got much attention during the period to include mining & quarrying (43 per cent of the total value); construction (25 per cent); manufacturing (23 per cent); as electricity; gas; steam; air conditioning supply; transportation and storage, accounted for three and five per cents.

The NIPC document covered investors from 17 countries. The United Arab Emirates came tops with 25 per cent followed by France’s 22 per cent. Nigeria got 20 per cent, United Kingdom, 13 per cent; China (eight per cent) while the balance 13 per cent went to other nations.

The agency charged with encouraging, promoting and coordinating investments in the country further reported that the Federal Capital Territory (FCT) was biggest beneficiary of the investments, nicking 26 per cent. Rivers, Bayelsa, Katsina and Akwa Ibom states followed with 22 per cent; 16 per cent; three and two per cents, while the remaining states settled for 31per cent.

The most active month was September where 12 projects valued at $20.39 billion (28 per cent of the total) were announced. The top 10 announcements fetched $68.1 billion, representing 93 per cent of the whole.

The NIPC releases its Intelligence Newsletter every six-day to appraise investments in the various sectors.

The report was based only on investment announcements in its newsletters from January to September 2018, though might not be exhaustive.

Nevertheless, the document gave a sense of investors’ interest in the Nigerian economy in period under review.