The Nigerian Investment Promotion Commission says it collated $29.91 billion as investments announcements for 2019.
These announcements were tracked through the NIPC Intelligence Newsletter, a publication by the commission.
The report stated that a total of 76 projects were announced across 17 states, including the Federal Capital Territory and Offshore Nigeria.
The amount is 204 per cent less than the $90.89 billion investments tracked in 2018.
The report explained that the huge difference might be attributed to the uncertainty around 2019 as an election year in the country, which might had contributed to the perception of the economy and ultimately affected investors’ sentiment.
It said Lagos State had the greatest number of projects with 33, followed at a distance by Ogun with five, and Kaduna with three.
In terms of value, it said $19.8 billion or 66 per cent worth of investment was announced to be located offshore Nigeria.
It said: “Further analysis of the announcements by sector shows that investors preferred mining and quarrying which is $21.5 billion (72 per cent).
“Manufacturing is $3.2 billion (11 per cent), electricity, gas and water supply $2.3 billion (eight per cent) and transportation and storage $2 billion (seven per cent).
“Domestic investors were the most active, announcing 39 projects with a total worth of $10.8 billion (36 per cent), followed by Netherlands, one project worth $10 billion (33 per cent).
“Canada announced three projects worth $2.4 billion (eight per cent), Morocco, two projects worth $2.1 billion (seven per cent), Malaysia, two projects worth $1 billion and Singapore announced one project worth $1 billion (three per cent).”
NIPC’s Intelligence Newsletter publishes Nigerian investment-related news, culled from various sources.
The report is based only on investment announcements cited in NIPC’s Newsletters from January to December 2019.
It may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the report gives a sense of investors’ interest in the Nigerian economy.
NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.