With the target to accrue the sum of N348.7 trillion Capital Investment in five years, the Nigeria Investment Promotion Council has announced that Lagos State attracted highest foreign Investment of US$8.7 billion in 2021 followed by Bayelsa, with US3.6 billion.
The NIPC Acting Executive Secretary, Emeka Offor, who disclosed this Wednesday at a media parley meeting in Abuja, announced Delta making US $2.9 billion, while Akwa Ibom state attracted US$2 billion and Adamawa recording US$1 billion in 2021 as foreign Investment.
Offor disclosed that the Commission is targeting N348.7 trillion Investment in five years time with 86 per cent (N298.3 trillion) expected to be provided by the private sector.
“The work for NIPC in the next 5 years has been appropriately defined by the National Development Plan 2021 – 2022 (NDP),” the agency acting head noted.
He explained that the plan has projected a capital requirement of N348.7 trillion with 86 per cent of (N298.3 trillion) expected from the private sector, adding that mobilization of this capital has become the focus of the Commission.
He added that it was in this respect that the Commission has begun the process of validating the records of the investment announcements, saying that NIPC expected the report from “this exercise to give us a further understanding of investors’ readiness to invest in Nigeria”.
Speaking on NIPC’s Strategic Plan, 2022 – 2026, Offor indicated that the 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39 per cent more than the value tracked in 2020 (US$16.74 billion).
He said: “The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic. It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.
“The top 5 States, by value of investments, are Lagos State (US$8.7 billion), Bayelsa State (US$3.6 billion), Delta State (US$2.9 billion), Akwa Ibom State (US$2 billion), and Adamawa State (US$1 billion).
“The manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45%). Construction (16%), electricity, gas, steam and air conditioning supply (13%), information and communication (12%), and mining and quarrying (9%) made up the top 5 sectors for the year. More information is available on the website.
“The 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39% more than the value tracked in 2020 (US$16.74 billion).”