The Nigerian Investment Promotion Commission (NIPC) has reported that $29.91 billion were tracked as investment announcements for the year ended, 2019.

These announcements were tracked through the NIPC Intelligence Newsletter, a publication published 6 days a week by the Commission. The report showed that a total of 76 projects were announced across 17 states plus the Federal Capital Territory and Offshore Nigeria.

According to NIPC, the amount is 204% less than what was tracked in 2018 ($90.89 billion). The huge difference, it said, may be attributed to the uncertainty around 2019 as an election year in the country, which may have contributed to the perception of the economy, and ultimately affected investors’ sentiment.

The report showed that Lagos State had the greatest number of projects with 33, followed at a distance by Ogun with 5 and Kaduna with 3. In terms of value, $19.8 billion (66%) worth of investments was announced to be located offshore Nigeria, $2.6 billion (9%) in Lagos, and $1 billion (4%) in Ondo.

Further analysis of the announcements by sector showed that the investors preferred mining & quarrying $21.5 billion (72%), manufacturing $3.2 billion (11%), electricity, gas & water supply $2.3 billion (8%) and transportation & storage $2 billion (7%).

Domestic investors were the most active, announcing 39 projects with a total worth of $10.8 billion (36%), followed by Netherlands, 1 project worth $10 billion (33%), Canada, 3 projects worth $2.4 billion (8%), Morocco, 2 projects worth $2.1 billion (7%), Malaysia, 2 projects worth $1 billion and Singapore announced 1 project worth $1 billion (3%) each.

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