The investments made in Nigeria have increased by 75%, rising from $4.81 billion in Q1 2020 to $8.41 billion in Q1 2021. There is also an increase of 8.38% compared to the investments made in the previous quarter (Q4 2020) which stood at $7.76 billion.
This was disclosed by the Nigerian Investment Promotion Commission (NIPC) in its Q1 report.
The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline.
Highlights of the report
- Bayelsa and Delta states emerged as top investment destinations during the period.
- Bayelsa state received the largest share of investment with $3.6 billion in mining and quarrying.
- Delta state came second with $2.94 billion in seaport construction and power transmission, followed by Akwa Ibom state with $1.4 billion announced in mining and quarrying.
- Lagos State came fourth with announcements totalling $0.26 billion in finance, insurance, and manufacturing.
- The leading four destinations accounted for 97% of the total investments announced as against 56% in the corresponding period last year.